Money Owed to German Banks
By Barry Ritholtz - November 26th, 2010, 8:30AM
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Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data, ability to repeat discredited memes, and lack of respect for scientific knowledge. Also, be sure to create straw men and argue against things I have neither said nor even implied. Any irrelevancies you can mention will also be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.
November 26th, 2010 at 9:04 am
What, no love for Italy or Poland (or any other eastern European country)?
I wonder what the Swedish (media) view is of the PIIGS debt problem…
November 26th, 2010 at 9:16 am
There is a rush to complete the Irish deal over the weekend, smells like another Sunday Night Special, some chatter about haircuts for senior bondholders.
I don’t see how a lame duck gov with a razor thin majority can make a long term commitment before the recall election or before the budget vote, doesn’t pass the sniff test.
November 26th, 2010 at 9:57 am
Irish GDP is several times smaller than Spain’s, so the euro amount of debt associated with Ireland is way out of proportion. David Malone explains why in this link titled ‘Who Bankrupted Ireland?’:
http://golemxiv-credo.blogspot.com/2010/11/who-bankrupted-ireland.html
German banks played a big part, he suggests, and to a large extent are simply eating their own offshore cooking.
As the Georgia Satellites used to sing, “It’s all over but the cryin’ … “
November 26th, 2010 at 10:00 am
The global “No Banker Left Behind” welfare program continues………….
November 26th, 2010 at 10:32 am
Yeah… so this is tiny.
I think US sub-prime alone was on the order of $2-4T. Thats trillions. Just US, just subprime. Not to mention Alt-A and prime mortgages. Not to mention commercials. Oh yeah, and then real-estate globally.
And losses to subprime were way worse than say any minor restructuring to Spain/Greece. None of which is even necessary. Both govts hold many times their debts in “state assets”.
Its silly. Buy the dip.
November 26th, 2010 at 10:39 am
Wow, this is one way to get to a United States of Europe. Or maybe it will be the United States of Germany once it’s all said and done.
November 26th, 2010 at 12:15 pm
The Guardian published this one yesterday for an overview:
http://static.guim.co.uk/sys-images/Guardian/Pix/maps_and_graphs/2010/11/22/1290456271078/IRELAND_bail_out-002.jpg
Here is Simon Johnson’s figure: German banks are owed $139 billion, which is 4.2 percent of German G.D.P.
, on Ireland, figures parsed out of the B.I.S as of March, 30, 2010