THE GLOBAL BANKING CRISIS CONTINUES
STAGE 2: EUROPEAN SOVEREIGN DEBT UNDER ATTACK
Taken together, the Icelandic and Greek financial crises can be seen as the second stage of the larger global banking crisis. The first stage of the global banking crisis, which began in late 2007, was centered in the European and U.S. mortgage and mortgage derivative market. The second stage began with Iceland’s monetary and fiscal crisis in 2009 and continues with the current Greek crisis, and is centered in European sovereign debt.
The global crisis banking crisis is a multi-phase global economic crisis caused by . . .
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