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Thursday, May 6, 2010

Is This A Ponzi Scheme - European Debt To Each Other

Robbing Peter to pay Paul.

Interesting chart about the Greek debt, via the NYT:

Banks and governments in these five shaky economies owe each other many billions of euros — converted here to dollars — and have even larger debts to Britain, France and Germany. Arrow widths are proportional to debt amounts.

1 comment:

  1. YIKES!
    Not sure what to make of this chart, which clarifies the convoluted financial situation.
    Does seem like a house of cards.