4 ms·

You are forgetting where and why the financial crisis started. Although in the US the financial institutions were saved by printing money in the rest of Europe

• OGinparadise 14y ago
  Doesn't matter at all where it started, Cyprus and it's people benefited a lot from the financial bubble (and from EU,) until it collapsed. No country has it better now, taxes are going up and spending is being cut down even in richer countries. Everyone was living in a bubble We forget how bank operate: they ask you to trust them with your cash and in return they promise to safeguard your capital and even give you interest a year. Well, what if their investments lose most of the money and the government cannot bail them out? They go kaput!
• arethuza 14y ago
  "You are forgetting where and why the financial crisis started." I don't think it is accurate to say that the 2008 financial crisis had a single cause. If you think it was the boom in sub-prime mortgage lending in the US and the resulting popularity of CDOs and CDSs how did that cause the Irish problem (insane property speculation), Iceland (asset speculation in other countries used borrowed cash), Greece (fiscal irresponsility) etc.
  • claudius 14y ago
    Greece had very little to do with the ‘global’ sub-prime bubble, it was merely the following recession that exposed the fiscal irresponsibility, originally resulting from low interest rates due to Euro membership. When people realised that Euro membership does not imply northern European standards, Greek interest rates soared and since Greece couldn’t print money as in the good old days, there was no way to fulfil these interest rates.