quinta-feira, agosto 02, 2012

Inconstitutional is as insconstitutional does

It's fine to have such great respect for rules and regulations, but we should urgently reconsider following foolish rules which have brought the Eurozone to such unsustainable divergence.

If the rules were so good and were so well applied, by by debtors as well as by creditors, why are we in such a huge mess with so many millions of people suffering terribly, while even more millions are benefitting?

The media  should report the BIS data on changing cross-border credit exposure in Europe:  The "ECB billions" allowed the highly indebted countries to reimburse the highly exposed German banks which were the most leveraged in Europe.  Lending too much was not inconstitutional then, but taking the resulting losses seems to be unacceptable now.

PPP Lusofonia