Fortis expects bankruptcies amongst 6000 American banks which have a small coverage currently. But also Citigroup, General Motors, there is starting a complete meltdown in the US”

Fortis Bank predicts US Financial market meltdown within weeks…

Fortis is a large bank and insurer in the Netherlands and Belgium. It took over ABN Amro last year, together with RBS and another bank. Last Thursday, its share lost 17% because Fortis attracted foreign capital.

I was shocked when I read the following, which was brought out 4hours ago:

American ‘meltdown’ reason for money injection Fortis.

28th of June, 9:10

BRUSSELS/AMSTERDAM – Fortis expects a complete collapse of the US financial markets within a few days to weeks. That explains, according to Fortis, the series of interventions of last Thursday to retrieve € 8 billion. “We have been saved just in time. The situation in the US is much worse than we thought”, says Fortis chairman Maurice Lippens. Fortis expects bankruptcies amongst 6000 American banks which have a small coverage currently. But also Citigroup, General Motors, there is starting a complete meltdown in the US”

This fits in the picture, with the other press releases last week, like the short advise of Goldman Sachs and some other of the same messages last week.

Although gold has rallied a lot lost week: first thing monday morning: short Dow, long Gold?

Or will there be a rate cut, which undermines (delays) everything?

Original press release:

VOTRON BLIJFT AAN NA GOLF VAN KRITIEK

Amerikaanse ’meltdown’ reden geldinjectie Fortis

28 Jun 08, 09:10

door onze correspondent

BRUSSEL/AMSTERDAM (DFT) – Fortis rekent binnen enkele dagen tot weken op het volledig instorten van de Amerikaanse financiële markten. Dat verklaart volgens de bankverzekeraar de serie ingrepen van donderdag om zich met €8 miljard te versterken. „We zijn op het nippertje gereed. Het gaat in de Verenigde Staten veel slechter dan gedacht”, zegt Fortis-chairman Maurice Lippens, die volhoudt dat topman Votron aanblijft. Fortis verwacht faillissementen onder 6000 Amerikaanse banken die nu weinig dekking hebben. „Maar ook Citigroup, General Motors, er begint een complete meltdown in de VS.”

http://www.dft.nl/bedrijven/fortis/4…ie_Fortis.html