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Gene Ellis

IMF Sees European Banks Facing $4.5 Trillion Sell-Off - Businessweek - 0 views

www.businessweek.com/...ell-4-dot-5-trillion-in-assets

shared by Gene Ellis on 10 Oct 12 - No Cached
  • Gene Ellis on 10 Oct 12
     
    and
Gene Ellis

Economist Sinn Rattles Merkel Laboring to Save Euro - Businessweek - 0 views

www.businessweek.com/...s-merkel-laboring-to-save-euro

shared by Gene Ellis on 11 Sep 12 - No Cached
  • Gene Ellis on 11 Sep 12
     
    clear article on Sinn's analysis of TARGET2
Gene Ellis

Is Germany Responsible for the Euro Crisis? - Businessweek - 0 views

www.businessweek.com/...esponsible-for-the-euro-crisis

shared by Gene Ellis on 29 Oct 13 - No Cached
  • This narrative ignores one critical fact: Every irresponsible borrower is enabled by an irresponsible lender.
  • “Following the introduction of the euro,” he said, “a large amount of capital flowed into the countries which are now at the center of the crisis, such as Greece, Ireland, Portugal, Spain, and Cyprus.” What he didn’t say was how much of that capital flowed from Germany. In the second quarter of 2010, German banks had more assets in Greece than banks from any other country except France. They had more assets in Ireland than banks from any other country except the U.K. And they had more assets in Spain than banks from any other country, period.
  • Before the euro, when Germans saved, their current account balance rose, and with it, the value of the deutsche mark. After 2002 you could save in euros in Dortmund, and without currency risk your bank would invest in euros abroad
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