Abstract
Within euroland and its 17 economies, some countries have made a serious effort to rein in their finances: Germany, Holland, Finland and Austria are examples (though, like Ireland, Austria has fallen victim to the aggressive expansionism of its banks, which try to recreate single-handedly the Austrian empire). By contrast, other member countries and their citizens have been living well beyond their means. Greece, Italy, Portugal and Spain took a collective leave of their senses. (A special case has been the Irish sovereign which got into trouble because of the blank coverage it (unwisely) provided to its self-wounded banks.)
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Notes
See D.N. Chorafas, Alternative Investments and the Mismanagement of Risk, Palgrave Macmillan, London, 2003.
See D.N. Chorafas, Financial Boom and Gloom: The Credit and Banking Crisis of 2007–2009 and Beyond, Palgrave Macmillan, London, 2009.
This 5,000 per cent mark was set in 1998 by the practically bankrupt Long Term Capital Management, though it took a number of years before it became more generalized. See D.N. Chorafas, Managing Risk in the New Economy, New York Institute of Finance, New York, 2001.
See D.N. Chorafas, Financial Boom and Gloom: The Credit and Banking Crisis of 2007–2009 and Beyond, Palgrave Macmillan, London, 2009.
William Greider, Secrets of the Temple: How the Federal Reserve Runs the Country, Simon & Schuster, New York, 1989.
See D.N. Chorafas, Outsourcing, Insourcing and IT for Enterprise Management, Palgrave Macmillan, London, 2003
D.N. Chorafas, Alternative Investments and the Mismanagement of Risk, Palgrave Macmillan, London, 2003.
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© 2013 Dimitris N. Chorafas
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Chorafas, D.N. (2013). A Chapter on the Blind for the Benefit of Those Who Can See. In: Household Finance. Palgrave Macmillan Studies in Banking and Financial Institutions. Palgrave Macmillan, London. https://doi.org/10.1057/9781137299451_9
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DOI: https://doi.org/10.1057/9781137299451_9
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