Eurozone Central Banks Spend Reserves

....... In Europe who on earth knows what is going on, as little of any significance gets reported. We are told, however, by Reuters that last week Eurozone Central Banks found it necessary to part company with 16 billion euros of reserves. That's nearly 1% of the total going west in a week. If that rate is maintained for a year, the effect will be to reduce reserves by about 50% - getting close to Euros 1 trillion in a year.

Posted on The Tap Blog