Europe on the Brink

Europe on the Brink is a Wall Street Journal documentary on the origins of the European debt crisis, and how it spread to threaten the Euro and the global economy and financial system. The documentary explains things like "private sector involvement" - a euphemism for bond holder losses; a scheme which set bond yields soaring in Greece, Spain, Italy, and Portugal. The documentary also talks about the central bailout fund (EFSF - European Financial Stability Facility, which is to be succeeded by the ESM - European Stability Mechanism) which was designed to satisfy bond markets and set up a firewall for the crisis by providing a source of funds and a lender of last resort for the countries afflicted by acute fiscal and sovereign debt crises. Along with the other documentaries on this website e.g. The Great Euro Crisis and The Great Euro Crash this documentary makes for interesting viewing in shedding light on the nature and potential course of the economic, fiscal, and sovereign debt crisis in Europe. The ECB announcement of the OMT program goes some ways to building the firewall higher, and with the recent announcement the the EU has won the Nobel Peace Prize suggests there is a future for the Euro, but how will that future look?

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Finance Documentaries: http://www.financedocumentaries.com/2012/10/europe-on-brink.html
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