Things are moving quickly in Euroland today. The Germans appear to be throwing in the towel and getting ready for a massive bank rescue scheme and there is talk of bringing the banks in the EU under the supervision and control of the European Central Bank.

The Germans are apparently moving towards the concept of a “bad bank” to hold the toxic assets of their banking system. That is clearly the way the British are going and seems to be the way the U.S. is headed. Accompanying all of this are calls for more clarity from the banks in the Euro-zone about the state of their assets.

It looks as if things are coming to some sort of boiling point quickly.

more: here