Eurozone: The Kitchen Sink Goes In - Now It's All About Solvency

Eurozone: The Kitchen Sink Goes In - Now It's All About Solvency
Peter Boone and Simon Johnson, The Baseline Scenario, May 10, 2010
This is a whole new level of global moral hazard - the result of an alliance of convenience between troubled governments in the south of Europe and the north European banks (and implicitly, north American banks) who enabled their debt habit.