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Today, the ECB reported the latest data on European credit creation in the private sector. Or rather lack thereof. Because at -2.2%, this was essentially an all time low private sector loan "growth" (rather, credit destruction). Which means Europe will have to throw all the toxic sludge it can find in its desperation to reignite yet another credit bubble, something Bernanke's cronies appear to have done far more admirably.
Here is the detailed data breakdown via GS:
Lending to non-financial corporations, on a seasonally-adjusted basis, declined by €12.6bn in February, following a €9.3bn decline in January (revised down from -€5.8bn). The decline was similar when adjusted for securitisations and sales. This fall signals some renewed weakness in lending after the rate of contraction in loans to NFCs had moderated over the past few months (Chart 1).
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