"[...] according to the Telegraph, a confidential European Commission memo confirms this. To review, the basic problems, relative to the U.S., are:
- Disproportionately large banking sectors (the Iceland problem) in some countries, such as the U.K.
High exposure to U.S.-originated toxic assets (up to 50% of those assets, I have heard estimated).
Major exposure to emerging markets, primarily Eastern Europe and secondarily Latin America, which have been harder hit by this crisis than anyone else.
Higher pre-crisis national debt levels (for many but not all countries).
For countries that use the euro, no control over monetary policy."
Ler em Europe Is in Bigger Trouble than the U.S. « The Baseline Scenario
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