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European banks face major write-offs

The European Central Bank has today reported that euro zone banks are likely to be hit with a further £165 billion in write-down towards the end of 2011. Just when many people thought that the credit crunch was well and truly over and the after effects had passed through the global economy we may well need to think again. There is no doubt that the after effects of the credit crunch will be felt for many years to come and indeed could well change the way in which industry in the UK, Europe and the rest of the world operates in the future.

When you also consider the significant reduction in liquidity in the money markets around the world, the impact of the credit crunch will be felt for many years to come. It is highly likely that we will look back on this time as one of the most challenging in the history of the modern world. We have seen assets collapse at speeds which were unthinkable, we have seen banking crisis after banking crisis, budget deficits have risen to unbelievable levels and some of the best names in the financial industry have disappeared forever.

What started as a small problem in the US subprime mortgage market has literally changed the world forever.

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