The big worry for banks around the world lies where it all began in 2007, with the US housing market. Alarmingly, things are not getting better and hedge funds are now warning that could spark another global banking crisis.
The latest figures from the National Association of Realtors show that home sales in the United States have fallen to the lowest level in nine years. With unemployment there touching close to 10%, no-one's buying.
That's why we have reports that London hedge fund Noster Capital is betting on a new banking crisis with banks like Barclays in the UK, Spain's BBVA, and Switzerland's UBS in serious trouble.
Noster Capital's chief executive Pedro Noronha says the stress tests for the European banks were a joke. They were too soft.
The biggest danger now, he says, is the US housing market with the likelihood of more Americans defaulting on home loans as mortgages come up for refinancing.
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