Hmmm I'm guessing after this report, it'll be a bit more difficult to get support from the Germans for another bailout - and it's coming. Turns out countries looking to get bailed out had been sapping the wealth for years off the rest of Europe.

In March, six years after inception, the first ECB-organized Eurozone-wide household-wealth survey results were trickling out.

But when the Bundesbank refused to publish the German data, insiders leaked the reason: too explosive for the current bailout era; it showed that Italian households were far wealthier than German households. Shocking!

And a red herring. The truth turned out to be far more shocking.
Now the ECB has finally published the all-country report—and it’s far worse than feared. Italian median household wealth was indeed over three times larger than Germany’s. But that wasn’t the problem. The problem was Cyprus.