Europe continues to be a basket case with reports that manufacturing in Europe continues to shrink and the UK economy is mired in recession and doesn't look like getting out of it
How nice to know then that some are actually making money out of Europe's woes. We have reports that Goldman Sachs, and like who else could it possibly be, is looking to snap up the assets of European banks which would be going at fire sale prices. The banks are looking at selling an estimated $2 trillion of assets. Gary Cohn, Goldman's president and chief operating officer is reported saying that the banks are expected to dispose of $607 billion in assets this year, another $243 billion in assets in 2013, and $147 billion the following year. He has more or less said that Goldman Sachs could make a killing out of Europe. "We believe that Europe and the growth markets will present compelling opportunities for the firm," he said.
At the same time, we have stories that the world's richest man, billionaire Mexican investor Carlos Slim is reportedly attempting to take advantage of the continent's troubles by increasing his telecommunication company America Movil's stake in Dutch mobile provider Royal KPN.
His son Carlos Slim Domit put it simply: there are investment opportunities in every crisis when prices have crashed. "When hard times come, you can look at opportunities in a very agile way," Slim Domit said in an interview this week in Mexico City. "Europe is in a good moment."
Well a good moment for some. Unless you're one of the 20 per cent plus unemployed in Greece or Spain.