A Crisis in Full Flight

by Hans-Werner Sinn Hans-Werner Sinn is Professor of Economics and Public Finance, University of Munich, and President of the Ifo Institut 26.04.2012

Introduction


"For a while, it looked as if the European Central Bank’s €1 trillion credit program to pump liquidity into Europe’s banking system had calmed global financial markets"..........."Already German, Dutch, and Finnish savings amounting to €15,000, €17,000, and €21,000, respectively, per working person have been converted from marketable investments into mere equalization claims against the ECB. No one knows what these claims will be worth in the event of a eurozone breakup."
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