Bail ins are why the Europeans banks are in shit shape. They did not use bailouts like the US. Yes it was painful and everyone bitched but the toxic debt got off the books of the US banks. European banks? Nope much of it still there.

I laughed when I read they were stressed tested and passed. The NY banks wont take EU debt as collateral. What does that tell you?

So where is all the debt ending up? On the books of EU banks.

It only keeps getting worse.