Twenty-nine banks have been declared "too big to fail", gaining G20 priority for survival. That embeds into their corporate decision making psyche that they should be specially immune to market forces, like Greece is.
Those banks' responsibilities to avoid unreasonable risks, or for prudent commercial, moral or legal behaviour, are now partially obviated. The fundamental underpinnings of western free markets is thus changing. Other institutions are likely to be added to that list, either openly or secretly, including the large financial insurers who wrote imprudently large amounts of credit default swaps (CDSs). See: "29 banks".
Those banks' responsibilities to avoid unreasonable risks, or for prudent commercial, moral or legal behaviour, are now partially obviated. The fundamental underpinnings of western free markets is thus changing. Other institutions are likely to be added to that list, either openly or secretly, including the large financial insurers who wrote imprudently large amounts of credit default swaps (CDSs). See: "29 banks".
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