> That's 13% of their cross-border loans. So what are you talking
> about?
So 13% of their loans take a haircut, the rest are reasonably solvent. Core Europe still has an industrial base, and isn't running huge current account and trade deficits. These are important facts, because the Eurolibs are trying to use the rhetoric of There Is No Alternative in order to unleash a continental-sized version of Thatcherism. Today they're trying to destroy the Europeriphery, and when the austerity fails (which it will) they'll try the same thing to the core.
Which is why my best wishes are with the protesters raising hell across Europe. Students, workers, environmentalists, progressive organizations and parties, developmental states -- we need a transnational resistance against transnational capital.
-- DRR