Ambrose Evans-Pritchard says it is ironic that European banks have turned out to be deeper in debt than their US counterparts.
But Europen leaders claim is was all America’s fault and EUrope and EUropoean banks are victim’s of American greed. Neglecting of course to consider DB, RBS, UBS and Credit Suisse were all among the major buyers of USA subprime mortgages and repackaged those into MBS’, CDO’s and other toxic “assets” for resale to institutions in Europe like Landesbank and Hypo Real.

One leader after another blamed what they called “speculative capitalism” for a financial crisis that they said was the worst since World War II.