http://blogs.telegraph.co.uk/finance/ambroseevans-pritchard/100016668/europe-faces-japan-syndrome-as-credit-demand-implodes/
Julian Callow from Barclays Capital said there is no almost no historical precedent for the sort of deleveraging under way in the EMU periphery. Credit rose from 100pc of GDP to over 200pc in Ireland, Greece, Portugal, and Spain in the EMU boom. "This is far higher than in Japan during the 1980s. It is hard to find an historical parallel or any insight from economic theory for where we are going," he said.
Julian Callow from Barclays Capital said there is no almost no historical precedent for the sort of deleveraging under way in the EMU periphery. Credit rose from 100pc of GDP to over 200pc in Ireland, Greece, Portugal, and Spain in the EMU boom. "This is far higher than in Japan during the 1980s. It is hard to find an historical parallel or any insight from economic theory for where we are going," he said.
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