“The banks and Austerity” – Simon Wren-Lewis

This link leads to Simon Wren-Lewis’ latest post. As such there is not so much in it that was not known yet, e.g. the role of German and French banks (not to mention Dutch banks), but it is always useful to have a reminder of how we ended up in this crisis (hint: it doesn’t have to do with public overspending in Spain, Portugal, Italy and Ireland).