The Looming EU Banking Crisis and Funding the PA

Oy Vey! ...  Who will support the 'Palestinians'?

Israel Matzav
In an interview with CNBC on Wednesday morning, Oliver Sarkozy, the half brother of French President Nikolas Sarkozy, says that a bailout of Europe will require the European Central Bank to inject at least $2.12 trillion into the European economy (Hat Tip: Memeorandum).

Sarkozy on Europe math fail: "The math i'm working with is very simple. In the US banking sector, we had 3 trillion of wholesale funding that needed to be stabilized, got stabilized by the implementation of TARP which saw the US treasury buy $212 billion worth of preferred in the banking sector to stabilize that $3 trillion, give our banks the time to work through hair problem their problem assets. In Europe, that $3 trillion is $30 trillion. so if you multiply the $212 by 10, you get the $2.12 trillion. In my view, the issues on the European banks are bigger than the issues on the books of the US Banks. So if you want to stabilize that $30 trillion and in my view it's not that you want to, it's that you have to, you do not have a choice, you're going to have to be at least at 2.1 trillion and i suspect it may need to be more."

Here's more. Let's go to the videotape.

And it was just last week that the Europeans promised the 'Palestinians' another €100 million. Obviously, the Europeans will keep their priorities in order: Destroying the Jewish state, by giving money to terror mongerers who are the frontline soldiers against it, must come before saving Europe. But where will they get the money? What could go wrong?

It couldn't happen to a nicer group. Heh.

Hamas lowers boom on Gaza banks that sent taxes to Palestinian Authority

... This Should Help Build Unity between Hamas and the P.A.

World Tribune

GAZA CITY — The Hamas regime has cracked down on major banks in the

Gaza Strip.

A Hamas court fined two major Gaza banks tens of millions of dollars for refusing to pay taxes to the Islamic regime. The decision, issued in mid-November, said the Bank of Palestine and Palestine Islamic Bank insisted on paying taxes to the Palestinian Authority, expelled by Hamas from the Gaza Strip in 2007.

“They have to choose between Palestinian and American legitimacy,” a Hamas official told the PA-owned daily Al Ayam.

Neither Hamas nor the Gaza judiciary published the decisions regarding the two banks. But executives said Bank of Palestine was ordered to pay Hamas $113 million in back taxes and fines. The 11 members of the bank’s board of directors were also banned from leaving the Gaza Strip.

Neither bank attended the Hamas court hearings. Executives said the banks would be unable to pay the fine and might close their branches in the Gaza Strip.

The PA did not respond to the court rulings. On Nov. 24, PA Chairman Mahmoud Abbas was scheduled to meet Hamas politburo chief Khaled Masha’al in Cairo in another effort to form a joint government.

Palestinian sources said Hamas was believed to be preparing a crackdown on other major businesses that still recognized PA rule in the Gaza Strip.
They included fuel suppliers, cellular phone providers and power companies, all of which receive revenues through the PA.

The Gaza Strip contains nine banks, all of which have been threatened with sanctions for cooperation with Hamas. In 2010, Hamas raided two banks for cash frozen under international sanctions by Israel, the European Union and the United States.

The Israeli government provides about $13 million a month to the Gaza Strip for salaries for tens of thousands of former PA employees. In November, Israel announced that it would supply building material for the construction of nearly a dozen factories in the Gaza Strip.