Sberbank Europe will collapse, says ECB - More bad economic news for Putin. The European Central Bank said on Monday morning that Sberbank Europe, a fully-owned subsidiary of Sberbank Russia, which in turn is majority-owned by the Russian state, is failing or likely to fail along with its Croatian and Slovenian units. “Sberbank Europe AG and its subsidiaries experienced significant deposit outflows as a result of the reputational impact of geopolitical tensions,” the ECB said in a statement. “This led to a deterioration of its liquidity position. “There are no available measures with a realistic chance of restoring this position at group level and in each of its subsidiaries within the banking union.”
Wonder if this will be a bit of a lead-in to other collapses in the Euro banking sector...
