DBk was 85% of one year of German GDP. There is no appetite locally to fix that chit. And is why from Trichet, to Draghi to LaGarde, will continue to spin the plates rather than allow one to fail. (See Monte dei Pasche and Draghi, as salesman for GS, on that chit).
Wait'll the connections to Formations House and the other "Papers" come out.
Target2 system says, not so fast. Derivs get 1st payout, after RePo.
"Call me Richard."