All financial institutions in Europe are desperately selling sovereign bonds, the back bone of the individual nations' financial systems. Who's going to buy Greek or Italian bonds? The Italians are offering 7% for the risk with little takers.
Bank of America holds extensive EU bond positions, along with understated toxic assets associated with the mortgage bubble.
I predict the TooBigToFail Bank of America will go bankrupt in the next 10 days, Yogi.