Save East Europe, Save the World!

Story link: Save East Europe, Save the World!

The size and position of the Western European banks makes them an asset to keep world wide finances afloat. The collapse of these banks could be catastrophic for financial institutions not just in Europe, but World Wide as well.

Save East Europe, Save the World!c

If mishandled by the world policy establishment, this debacle is big enough to shatter the fragile banking systems of Western Europe and set off round two of our financial Götterdämmerung.
Austria’s finance minister Josef Pröll made frantic efforts last week to put together a €150bn rescue for the ex-Soviet bloc. Well he might. His banks have lent €230bn to the region, equal to 70pc of Austria’s GDP.