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To your first point - point taken. A better reference would have been the fact that the World Economic Outlook Database reported Greece had entered a recession
by lyudmil 15y ago
To your first point - point taken. A better reference would have been the fact that the World Economic Outlook Database reported Greece had entered a recession in 2009.
I'm Bulgarian and none of the Bulgarian banks had any problems, but the Bulgarian economy has definitely suffered, for the same reasons as Greece. Both are relatively small European economies, so any dip in the European market has a pronounced effect (easiest to see in tourism). So, you're not proving anything by saying your banks had no problems.
- ignifero 15y agoI 'm saying that the crisis would have emerged even if there was no global recession. It's a solvency crisis caused by rampant government lending for more than 15 years before 2010.