€150bn bailout of Europe’s banks urged

Europe urgently needs a €150bn bailout fund to recapitalise its beleaguered banks, particularly those in Italy, said Deutsche Bank’s chief economist in an interview with Welt am Sonntag.

“Europe is extremely sick and must start dealing with its problems extremely quickly, or else there may be an accident,” said David Folkerts-Landau, according to the newspaper.

“I’m no doomsday prophet, I am a realist,” the economist said.