Financial Crises

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Europe's financial crisis has hardly begun. The loss of $500 billion by Europe's banks into the US Sub-prime fiasco is only the starter as far as the full picture is concerned. Europe's banks have also been shovelling out loans into the hands of dubious borrowers for a decade or more and impecunious third word regimes. Now the downturn has struck, the chickens are finally coming home to roost. The biggest share of third world loans, it should be noted, are held with European banks. Read more posted on The Tap Blog

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