Eurozone must not allow Greece to become another Lehman Brothers
by Guardian Staff from on (#34G8)
To many, Greece seems unimportant - just as the collapsed US bank once did. Would letting it go trigger a global crisis?
It's mid-September 2008. The seventh anniversary of the 9/11 terrorist attacks has just been marked. And an American investment bank called Lehman Brothers is in trouble.
Lehman is not a particularly big bank. It is not thought to be systemically important for the rest of the global financial system. So when the US authorities are unable to find a private-sector buyer for the stricken bank, they allow it go to the wall.
Continue reading...