The Bank of England estimates that British banks will need to issue £25 billion in bonds every month to meet their refinancing needs, which the central bank puts at £800 billion, or $1.2 trillion. That means banks will have to sell new bonds at double the rate they have been issuing so far this year.
I'd like to find that characterization for some of the other countries in Europe — in particular, Germany, France, Switzerland, Spain, Portugal, Italy, and Greece — and for the Eurozone in aggregate.
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This is an interesting quote regarding what one banker said:
"He said that as a result of government backing and a radical restructuring last year, the bank had ample cash and limited need for new financing."
I re-interpret this as "as a result of a taxpayer bailout and massive layoffs last year, the bank had ample cash..."
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