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Jun 11 2012

Blame it on the bankers: a rejoinder

Published by at 8:26 am under Europe,Opinion,Top Stories

On the point that bankers are responsible for the Euro problems, and not politicians, or countries, here is some proof. It was published by the Financial Times Deutschland last week and was headlined “The drama only started with the financial crisis”. 

The charts show the debt situations of different countries. You’ll see that the debt situation was improving in all countries (with the exception of Greece and Portugal) in the years before 2007. From 2007 the situation worsened dramatically in ALL countries. In many cases, debt rose to crisis levels. Look, for instance, at Ireland. There the situation went from 30% of GDP to 120% of GDP in 5 years. (For why, read a previous article on the topic here.)

In a nutshell: the bankers caused the problems the world is experiencing today. We should never forget that.

 

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