xazbrat wrote
It is sort of exasperating to say the least and my suspicions from a while ago have been confirmed--no one at the banks knows what the hell they are doing.
When you think of it, it is a weird contradictory situation.
One one hand, banks were buying Lebanese Eurobonds with huge returns, investing into the runaway Lebanese debt (to stay nice and not use words such as Ponzi).
On the other hand, when this cozy practice showed signs of crumbling down, instead of trying to reassure people, the President of Lebanon and others got on TV and essentially declared that shit has presently hit the fan, prompting anyone who still had a few doubts to run to the bank and withdraw their money, thereby accelerating the crash.
