Numbers: BNP Paribas (BNPQY.PK) has $2.5T of assets against $80B of TCE - 31X leverage. The big 3 French banks have footings of $6T, nearly triple the size of France's GDP. "Stuffed with sovereign debt backed by no capital ... it's only a matter of time before (they) topple into the abyss ... and that includes German (banks) too," writes David Stockman.
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