Thanks for sharing.

I remember that period very well. I was advising several banks across Europe on credit risk management at that time.

Ironically, the scheme put in place for Austrian (EUR) with Swiss mortgage loans in CHF was reproduced down the food chain. Raiffeisen Bank (Austria) was selling mortgage loans in EUR to suckers in Hungary, whose currency (HUF) was weak. Lots of defaults, lots of pain for regular people.

I was really radicalized at that time as 3 of my main customers were the banks that drowned their country (Anglo Irish Bank in Ireland, Fortis in Belgium and Bank of Cyprus). I saw in situ the situation going from crazy arrogance to bankrupcy.