On Jan 3, 2011, at 11:45 AM, dredmond at efn.org wrote:
> One of the strange facts about the neoliberal era is that
> while Wall Street was running wild, the East Asian banks and Eurobanks
> were doing more traditional lending -- which is why Japan's banks are now
> solvent and why the Eurocrisis is in the EU periphery, not the core.
Dennis, the EU banks lent gobs to the periphery. As of June 2010, German banks were owed $36.8 billion by borrowers based in Greece, $138.6 billion by Ireland, $37.2 billion by Portugal, and $181.6 billion by Spain. That's 13% of their cross-border loans. So what are you talking about?
Doug