Our colleague Hans-Joachim (Achim) Dübel in Berlin has just authored an important paper on EU bank restructuring -- voluntary and otherwise. Very interesting reading that describes the capital crisis in EU finance. As Achim notes, this is not an issue of a crisis on the "perifery." This biggotted and condescending term shows that the EU's rulers in Berlin and Paris are deluded when it comes to their true situation:
"[T]he author also rejects popular terminology such as ‘periphery crisis’ for the situation in this sample of countries. Distance from geographical or economic center cannot be a metric in financial economics and public policy debate. Rather, the countries selected are typical representatives of credit boom-related crisis in real estate and public sector lending that can be found around the world, certainly also in other parts of Europe, and even inside national jurisdictions. An or the latter would be the real estate lending boom in East Germany in the 1990s that was followed by a German banking crisis around 2000."
Below is a link to the paper, "Creditor Participation in Banking Crisis in the Eurozone – A Corner Turned? Empirical analysis of current bank liability management and restructuring policies with conclusions for the European bank restructuring and resolution framework." The study was commissioned by Bundestagsfraktion Bündnis90 / Die Grünen and The Greens / European Free Alliance in European Parliament By Hans-Joachim Dübel, Finpolconsult. Assistance by Malte Daniels & Ioana Bejan. -- Chris