To many, Greece seems unimportant – just as the collapsed US bank once did. Would letting it go trigger a global crisis?It’s mid-September 2008. The seventh anniversary of the 9/11 terrorist attacks has just been marked. And an American investment bank called Lehman Brothers is in trouble.Lehman is not a particularly big bank. It is not thought to be systemically important for the rest of the global financial system. So when the US authorities are unable to find a private-sector buyer for the stricken bank, they allow it go to the wall. Continue reading...
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