europe crisis - our banks - our re bubble pop

Ok lets gets thinking about what will happen, not what has happended... re these 3 issues...

Comments on the effect on The Whole European bag of bad medicine - our banks (& the fact that all but one of these source their funds to the tune of over 70% from O/s) -- and ...the magnitude of this unfolding event's effect on our allready bursting RE price bubble & de-leveraging issues for the Aussie banks themselves & those highly mortgaged & allready at excessive dcefault risk and/or foreclosure.---

I must admit, I have been one who has downplayed the possible effect, during say the last 3-5 months of this Euro phenomena a fair bit, but I am starting to get feedback from my contacts in Europe that their banks (2 or more) could be casualties in this statemate! We all know what happens if the real R word takes place, and banks themselves become illiquid...!

Your thoughts anyone.............