Europe might not be just an innocent victim

While real estate bubbles in the US, Greece and Spain were partial causes of global crisis, irresponsible lending was also rife in places you hear little about.

(Source: AP/TASR)

A decade ago the global economy was on the verge of collapse. Today’s popular narrative still blames that crisis on irresponsible banking in the United States, with Europe portrayed as an innocent victim. But “Crashed”, a new book by the scholar Adam Tooze, goes a long way in clarifying the record while illuminating the challenges confronting Europe today.

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