Banking Crisis Re-Ignites in Europe on Friday June 2
Spain's troubled and insolvent Banco Popular stock plunged down 17% on Friday as new fuel seems to be re-igniting a banking crisis never fully extinguished by the European Central Banks massive monetary stimulus and unprecedented negative interest rate policy.
Crippled with 37 billion euros in non-performing loans and in the midst of a bank run, depositors are currently rushing to withdraw their cash in Spain at a time many have been following similar recent stories in Italy.
Banco Popular executives are in a mad dash of their own. Emergency meetings with European Union officials are now scheduled for early next week.
The next 'hail mary' will be required to figure out where desperately needed liquidity will come from as questions swirl how and if this bank can continue functioning.
Europe is going to be the trigger that collapse the global banking system.
North Korea is going to trigger World War III.
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