by Pater Tenebrarum, Acting-Man.com:
Delayed Information Leak
A few weeks ago, we published a post entitled ‘Nether-Crumble’, which discussed the growing economic problems faced by the Netherlands – a member of the euro area’s ‘core’, which is widely perceived as stodgy and financially solid. Nothing could be further from the truth though, as the country is home to one of the largest household debtbergs and real estate bubbles in the world.
The fiscal discipline of its government to date is entirely meaningless in this context, as it will likely be swept away by the bursting bubble. Already a great many mortgage holders are ‘underwater’, as the fall in home prices has brought the value of their homes below the size of their outstanding mortgage debt. Consequently, the Dutch banking system is now an accident waiting to happen – or rather, an accident that is already happening, albeit seemingly in slow motion.
Now the mainstream press has begun to take notice as well.
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