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  Mark - the problems you refer to are more to do with big government not 'unfettered capitalism' as you put it. Governments went on a spending spree borrowing huge sums to fund it way above what was sensible.
  
  OK you could argue that banks, insurance companies and pension funds were guilty of irresponsible lending practises in lending to governments but that is as far as it goes in that respect. Governments are supposed to be responsible after all.... The form of lending that institutions do to government is by the purchase of bonds (sovereign debt), the billions you refer to.
  
  That is just part of the problem of course. The Eurozone countries cannot devalue and allow their currency to take some of the pressure. The fact is the Euro was and is flawed and we are seeing those flaws under pressure. It was truly a cobbled together currency and the rules of entry were smudged and indeed broken to get countries in and then the rules were further ignored by governments when in.

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