Trillions spent but financial crises like Greece's still plague the world
Wed, Jul 01, 2015 - 5:50 AM
Pensioners sitting on steps outside the entrance to a closed National Bank of Greece SA bank branch in the hope that it might open in Thessaloniki, Greece yesterday. The beleaguered nation is staggering deeper into the economic unknown, saying it will miss a payment to the IMF today and leaving the protection of Europe's bailout regime at midnight.
THERE are some problems that not even US$10 trillion can solve.
That gargantuan sum of money is what central banks around the world have spent in recent years as they have tried to stimulate their economies and fight financial crises. The tidal wave of cheap money has...