Quote:
Originally Posted by dirtymind
well if europe was that much in trouble, even worse than the USA i am sure we would have heard about it. As we in the Netherlands have a very transparant news system, who do not keep things from us. Also if people would try there is always some one talking here. SO i can't believe this true. Sounds more like it can always be worse look at them. Make the states look better as they often try to do.
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Well, in all fairness Europe has mostly pointed the finger at the US saying they are the cause of this mess. The US did not make Western European banks become so overleveraged. It's even funnier to hear it come from the Brits since the US Federal Reserve (and ultimately the US tax payer) has been discreetlyt bailing out the Bank of England since last year (Dollar swap lines).
There is apparently over 16 trillion pounds of bad debt in the EU and most of the populace does not think the problem is anywhere near that big. People are going to be in for a surprise. It is not going to be pretty...