Tag Archives: european crisis

Stacy Summary:  Lots, including us, have been warning that sovereign debt crises will be the second leg of this crisis, now that all the private debts of bankers have been transferred to governments around the world.  Germany, of course, are the savers of Europe, but they spent hundreds of billions last year after all their banks were wiped out by CDOs sold to them by all the usual suspects.  Johnson mentions Italy and UK coming up next after Greece, Portugal and Spain.  And, what about Switzerland?  Their banks were very much behind the global financial crimewave and hold debts many, many times their nation’s GDP.

• Simon Johnson warning that Europe is entering crisis