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Depositor Haircuts: The New Norman

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"This is the most brutal display since 2008 of how far the euro-committed nations are willing to go to save the tottering single currency." 

"It shows that the zone's crisis will run and run to the grievous disadvantage" of most everyone.

"Surely the euro cannot long survive by such anti-democratic means. It certainly does not deserve to."

Graham Summers says "Europe is out of options and out of money." It's "totally and completely bust."

It's banks are highly leveraged. They can't raise capital "because no one in their right mind wants to invest in them"."

"European nations are bankrupt because AGAIN no one in their right mind wants to buy their bonds UNLESS they believe they can dump their investments on the ECB at a later date. Who is the greater fool there?"

Europe isn't fixed because enough capital isn't there to do it. "Europe and its alleged backstops are out of money. This includes Germany, the ECB, and the mega-bailout funds such as the ESM (European Stability Mechanism)."

The ECB is "chock full of garbage debts." It's insolvent. It can print money, "but once the BIG collateral call hits, (it's) useless because (what's needed) would implode the system."

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