“One thing that is certain, however, is that this is just the beginning of the ECB’s balance sheet woes: as we showed on Wednesday using UBS data, the ECB now holds no less than 26 “fallen angel” equivalent bonds, amounting to €18 billion in notional exposure; both numbers are set to soar when the next recession hits and the bulk of the ECB’s holdings shift down in quality, leaving Mario Draghi and his henchmen dealing with countless credit committees in bankruptcy court as the European central bank finds itself the post-reorg equity holder of countless European companies.”

http://www.zerohedge.com/news/2017-12-09/enron-20-ecb-global-banks-hook-21-billion-amid-steinhoff-implosion

pdl: My work says that while EUFN has been on a sell for five months or so, it has only gone sideways and that another LT dip buy is fast approaching. (And monthly williams has yet to drop even below 90! So the technicals are far from shouting disaster as I view them.)