Gunther Schnabl

“The widely negative real interest rates, which have already been a reality in some segments of the European capital markets, might foreshadow this loss of welfare for the European people.” ~ Gunther Schnabl & Nils Sonnenberg

“Whereas some private vulture funds found brutal means to achieve full repayment on their assets, international public institutions such as the IMF were repeatedly willing to take over the risk. This leniency may be due to the fact that the international taxpayers seem unaware of the burdens. It has to be seen which strategies will be observed in the future in the industrialized countries.” ~ Gunther Schnabl & Nils Sonnenberg

“As in the planned economies, negative productivity gains and painful prosperity losses will be unavoidable. Because productivity gains are the basis for real wage increases, the benign long-term credit conditions of the ECB increasingly become a burden for the young people in Europe.” ~ Gunther Schnabl & Nils Sonnerberg