Top Secret: European banks burdened with toxic assets for over 18 trillion €

Daily Telegraph journalists saw a secret EU document estimating the european banks are burdened with toxic assets for over 18 trillion € :
"The figures, contained in a secret European Commission paper, are startling. The dodgy financial packages are estimated to total £16.3 trillion in banks across the EU. The impaired assets may amount to an astonishing 44 per cent of EU bank balance sheets. It is a deep ditch the bankers, regulators and their friends in government have dug us into."

The original text was to find here :

http://blogs.telegraph.co.uk/bruno_waterfield/blog/2009/02/11/toxic_eu_bank_a...

and is censored meanwhile..., instead you can read in the telegraph online article :
"Estimates of total expected asset write-downs suggest that the budgetary costs actual and contingent - of asset relief could be very large both in absolute terms and relative to GDP in member states. "

http://www.telegraph.co.uk/finance/financetopics/financialcrisis/4590512/Euro...


original music :

http://www.youtube.com/watch?v=PJFShE1VfEc

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