How's Those Euros Working Out For Ya??

At one time, everyone was scrambling for Euro's as the currency du jour. In today's news we have this:

Collapse of the euro is 'inevitable': Bailing out the Greek economy futile, says FRENCH banking chief

quote:

The European single currency is facing an 'inevitable break-up' a leading French bank claimed yesterday.

Strategists at Paris-based Société Générale said that any bailout of the stricken Greek economy would only provide 'sticking plasters' to cover the deep- seated flaws in the eurozone bloc.

The stark warning came as the euro slipped further on the currency markets and dire growth figures raised the prospect of a 'double-dip' recession in the embattled zone.

Claims that the euro could be headed for total collapse are particularly striking when they come from one of the oldest and largest banks in France - a core founder-member.


So who is this Société Générale anyway? I wrote about them earlier here and more importantly here. Below is a quote from one of my earlier commentaries. See if you recognize the bank named:

"So where did the rest of this bailout money go that was received by AIG? Take a look at this quote:

AIG, a recipient of at least $170 billion in federal bailout money , got an $85 billion loan from the Federal Reserve. The list released Sunday of "counterparties" that benefited from the bailout is topped by European banks **Societe Generale** and Deutsche Bank, which received $4.1 billion and $2.6 billion, respectively.

Whaaaatttttt????? European Banks received U.S. Taxpayers dollars while Americans are going hungry and homeless? Does any of the readers remember voting on that one? Did we missed the memo on that? Would any of the readers ever agree to that?"