<blockquote>'Europe’s banks will compete with their governments to borrow $2 trillion next year as the two groups refinance maturing bonds and bills.
Euro-area governments have to repay more than 1.1 trillion euros ($1.5 trillion) of long- and short-term debt in 2012, with about 519 billion euros of Italian, French and German debt maturing in the first half alone, data compiled by Bloomberg show. European banks have about $665 billion of debt coming due in the first six months, with a further $370 billion by the end of the year, according to Citigroup Inc., based on Dealogic data.'
- John Glover,
Banks Vie With Nations to Sate $2 Trillion 2012 Funding Need: Euro Credit, Dec 02 2011</blockquote>
Context<blockquote>
Government['s] .. privilege [of] .. fractional reserve banking .. a fraudulent business practice.''..a dagger in the heart of The Mythological Great Moderation.'</blockquote>