Finmag (Finmag)
Business  |  December 08, 2010 11:35:09

Bankrupt the European way (I): Stories of War

Bankruptcy. Insolvency. Restructuring of debts. Or "credit event" - especially kind and gentle understatement. All these terms mean the same thing: the state where the debtor is unable to pay in full its obligations to creditors. In the world of business quite a frequent phenomenon. Not in public finances. Throughout the postwar period did not happen once the government to some advanced Western country has failed to pay its debts. Up until 2010.

Countries which are candidates for bankruptcy, in Europe there are several. Iceland is already going through this experience. And even the legendary stability of the economic pillar of Europe such as Germany, may be partially eroded. How did this happen, you say. But first, look in to the rich and dramatic history of the European debt and bankruptcies before World War II.

Napoleon, Hitler and the British

Continuation of article can be found at

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Bankrot po evropsku (I): Příběhy z války

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