qrtly out - where has the cash gone?, page-21

The IBEX fell another 3.5% despite banning short selling on Monday. The Italian Bourse is also collapsing despite banning short sales on Monday. The Italians should fare a little better I think, they only have about 12 fantasy euros for every real euro. The Spaniards still have about 20 fantasy euros for every real euro (after reaching a ratio of 30:1). Silly banks, they've got a lot of develeraging of their deposits/loans to go, but at least the authorities are helping the best they can :/

I was happy with the report :)