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Tillet, Pierrick

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Politis - France | 22/01/2015

Euro finance system on the verge of collapse

After the failure of the austerity policy, the ECB's decision in favour of quantitative easing now points to a complete collapse of the European financial system, the left-leaning weekly magazine Politis comments: "In fact the central banks are the last bulwark in a system on the verge of collapse. ... The last protective wall will certainly cave in. The private banks that have recognised the dire state of affairs have pulled out of the real economy and are emptying their coffers by distributing extensive dividends and bonuses. The states have no answer to the escalating indebtedness other than budget cuts. And what will the ECB do with the debt it purchases when the states can't buy it back? Mario Draghi's latest announcements mark the start of the final round."

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