Welcome to Bookmarker!

This is a personal project by @dellsystem. I built this to help me retain information from the books I'm reading.

Source code on GitHub (MIT license).

[...] if the eurozone were to disband, the main losers would be Germany, Austria, and in, even greater proportion, the European tax havens (Lux- embourg, Netherlands), who would see the deterioration of their agents’ balance sheets. In such a scenario, Portugal and above all Greece would see a boom in their public debt. This would necessarily have to lead to a — in any case desirable — restructuring process.

However, beyond that, the financial and nonfinancial private sectors of each of these two economies, and the rest of the countries taken as a whole, would see their position improve. In other words, the expressions of financial fragility would be concentrated at the very points where there exist situations in dire need of resolving – i.e., the public debt of peripheral countries in need of relief, and tax havens — and within those countries whose financial situation is sufficiently robust that slight damage to certain sectors’ financial balance sheet could be absorbed without any major shock.

—p.144 The Workers Have No Europe (117) by Cédric Durand 2 years ago