well, this confirms my fears about Italian banks. Economy cannot recover without a healthy banking system. Italy is pretty much hopeless now. Thankfully I had sold EWI last year and earlier this year above 12.

http://seekingalpha.com/article/3964547-2012-redux-really-know

As for Greek banks, this article remain skeptical:

http://www.economist.com/news/finance-and-economics/21694534-greeces-biggest-banks-may-appear-be-out-danger-they-are-not-front

This is the real reason one should not own bank stocks directly.

 

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