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Thursday, February 12, 2009

European banks need a £16.3 trillion bailout.

Notice how the link reads?
http://www.telegraph.co.uk/finance/financetopics/financialcrisis/4590512/European-banks-may-need-16.3-trillion-bail-out-EC-dcoument-warns.html

But now the headline has been changed, and the story now says:

Estimates of total expected asset write-downs suggest that the budgetary costs – actual and contingent - of asset relief could be very large both in absolute terms and relative to GDP in member states,” the EC document, seen by The Daily Telegraph, cautioned...

The secret 17-page paper was discussed by finance ministers, including the Chancellor Alistair Darling on Tuesday.

So someone saw the paper, and printed the headline, but the PTB (powers to be) cautioned them that that headline wouldn't pass muster.

It could panic the masses!

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