March 3rd, 2009 3:04 pm
The subprime country crisis
"A reader writes:Eastern Europe is a mess. Many banks are probably insolvent if not for Government intervention. In addition, German and Austrian banks are in the … because of Eastern Eruope. The first link below is an awesome article from BW on this - the Germans/Austrians were at first all happy that they did not get invovled in subprime loans for housing. However, the ended up financing subprime countries!
Subprime countries? Doesn’t America want to become like Europe. Well maybe not, given how Der Spiegel describes its problems. Bureaucracy and state guidance are apparently no guarantees that the right economic choices will always be taken."
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