They read my mind! After railing all day about how European banks have not done enough to recapitalize, I get a bit of backup from the group known as the “Five wisemen”.
The economic advisers to the government take it to task for not doing enough to force the banks to recapitalize, calling for a rapid and lasting cleanup of their balance sheets and the restructuring of banks whose business models have proven unsustainable.
Also coming under attack is the government’s plan to cut taxes by EUR 24 bln.
I’ll post a link when it becomes available. German readers can find the story in the Handelsblatt.
UPDATE: Here’s the link.
