Some very interesting and alarming news emerged last week about the Eurozone, but do we hear much about it in the UK?
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It seems that European banks are suffering a bit of a share price melt-down at the moment, with their prices falling to near 1980s levels.
And a Reuters report from last Thursday says that a combination of negative interest rates, - something I've talked about before - falling bond yields, more red tape and the increasing likelihood of a recession has "wiped out most of the value of European banks" and that their shares are "now at meltdown prices approaching the days of the Berlin Wall".
And it goes on to say that those banks are now worth about the same as when Greece, Ireland and Portugal were queueing up for bailouts.
The upshot is that the wider banking sector for the Eurozone is worth about half a trillion dollars, or as Reuters points out, about half the size of Microsoft as well as now being only one third the size of US banks.
In fact, Reuters says that Eurozone banks have lost 84% of their value since 2007.
And this will hit growth in the Eurozone, as it makes it harder for banks to raise the money needed to then loan it out to businesses for expansion.
And this, the article goes on to say, means that European Companies looking for finance will be forced to raise it on the markets, or borrow from foreign banks.
And this will not be helped by news out today that inflation in the Eurozone is just one percent, actually 0.9% if you look at the core rate that excludes..
