Euro-insanity

As if the Euro-crisis were not bonkers enough, it turns out that the main debtor nations are also major creditors….to each other.  So, in theory at least, the debts could simply be cleared against one another as happens in banking clearing houses, for example.  And it has been calculated that this would massively reduce Europe’s debt burden at a stroke.  For details go here:

https://publicbanking.wordpress.com/2013/01/13/eu-debt-write-off-cancelling-debt-when-a-country-is-both-debtor-and-creditor-3/

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