Article

2011-07-01 Europe

How Europe's elites turned PIGS into a full-bore financial disaster

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Posted by tipper 2011-07-01 01:44|| || Front Page|| [6 views ] Top

#1 Short version: Euro banks loaned too much money to deadbeats.

Posted by Anguper Hupomosing9418 2011-07-01 02:39|| 2011-07-01 02:39|| Front Page Top

#2 Shorter version: Too much Credit
Shorter Reason: Too low reserves.
Shorter cause:Basel 2

Posted by Bright Pebbles 2011-07-01 10:02|| 2011-07-01 10:02|| Front Page Top

#3 Simply the same reason we are in a wreck.

Fiscal policy based upon politically correct ideas and social engineering rather than sound economic principals.

Socialist ideals being implemented in a capitalist economic system in which people will look to turn a profit. Programs that work well in totalitarian regimes do not work in free market economies.

Posted by Bill Clinton 2011-07-01 10:42|| 2011-07-01 10:42|| Front Page Top

#4 Or, as a wise banker I heard say.

"Don't loan money to poor people."

Posted by DarthVader 2011-07-01 10:53|| 2011-07-01 10:53|| Front Page Top

#5 Interesting conclusion,

What can prevent such poorly conceived ideas from getting up? Robust, even divisive, public debate. No wonder elites hate it. No wonder it played no role in the decision to adopt the euro.

Posted by phil_b 2011-07-01 19:08|| 2011-07-01 19:08|| Front Page Top

#6 IRRC CNN AM > BECKY ANDERSON Segment = Guest correspondent argued that YES, ITS TRUE, GREEK DEBT + EURO FUNDS ARE A HELLUVA "BLOODY MESS", BUT AT THE SAME TIME IS NOT INSURMOUNTABLE. THE REAL CRUX/ STORY UNDERLYING THE GREEK + EURO DEBT CRSES IS THAT EU MEMBER-STATES ARE STUBBORNLY REFUSING TO COMPROMISE WID THE OTHERS ON DEBT RELIEF FOR EU NATIONS NOT THEIR OWN???

Posted by JosephMendiola 2011-07-01 22:24|| 2011-07-01 22:24|| Front Page Top

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