“Europe’s creditor powers bear as much blame as debtors for the eurozone’s eternal crisis and are blocking recovery by failing to play a full part in righting the ship, according to the Bank for International Settlements. The BIS said European banks played a huge role in stoking the pre-Lehman credit bubble. They rotated $1.25 trillion into US debt alone between 2003 and 2007, greater than the combined purchases of Asia and OPEC. It said banks funnelled money into southern Europe regardless of risk in ‘expectations of a bail-out’ if any country got into trouble.”
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