If I remember correctly it was the bank that I think I hate the most that was heavily involved in the Latin American sovereign debt crisis, Citigroup, back then it was known as Citibank. Once Glass-Stie­gal was repealed, Citibank merged with I forget who and became Citigroup. Robert Rubin, the man who I think bears a huge responsibi­lity in transformi­ng Wall Street once again into the casino of the 1920’s, was head of Citigroup. He and his gang, Larry Summers was in there did this country a great disservice but made themselves vastly rich in the process. I think that the Euro sovereign debt crisis can be solved but the heads of state will need to explain it very clearly and carefully. When you are deep in the red, getting help in small doses prolongs the agony and doesn’t allow for any room to actively invest and get ahead. You need a full on infusion to clear up debts that are only draining you and then you can implement the correct strategies for sustainabl­e growth. The banks will have to eat some losses, small price they have to pay since they are waist deep in the whole Greece sovereign debt debacle. That is the lesson to be learned, any type of debt crisis and you are guaranteed to find greedy bank C.E.O’s saying “oops I did it again. Bail me out”
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