The European Debt Crisis. What caused the global recession of 08?. And thus caused the European debt crisis. Basic Economics - The Bank Run. “It’s a Wonderful Life”. America Sneezes and the World gets Pneumonia!. The Housing bubble bursts 2006. The bubble burst.
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And thus caused the European debt crisis
Country Banks Losses
Royal Bank of Scotland US $15.6 bn.
HBOS US $9.5 bn.
Barclays US $6.7 bn.
Credit Suisse US $13.7 bn.
BayernLB US $14.4 bn.
IKB Deutsche Industriebank US $14.0 bn.
Deutsche Bank US $12.7 bn
BNP Paribas US $5.8 bn.
The darkening clouds of civil disobedience and anarchy in Greece
The end of EMU – “Europe’s Melancholy Union”
The Fed v. The European Central Bank