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Zombie Banks: A Political Salon with Yalman Onaran

Monday, December 12, 2011 - 6:30pm

Zombie Banks: 
A Political Salon with Yalman Onaran, author of Zombie Banks: How Broken Banks and Debtor Nations Are Crippling the Global Economy
Moderated by Dan Alamariu
Co-Hosted by Elmira Bayrasli

December 12, 6:30pm
This event is by invitation only.
Click here for more details.

With special thanks to the Heinrich Böll Foundation for supporting the Political Salon.

What do the protests in Greece, unemployment in the United States, bank failures in Ireland, and the “Lost Decade” of 1990s Japan have in common?  According to Yalman Onaran’s new book, they are all products of a broken system of zombie banks, in which governments provide constant life support to financial institutions that can no longer remain solvent on their own. Even after the 2008 crisis precipitated trillions of dollars in bailouts around the world, governments have failed to correct the underlying structural flaws whose impact spread across borders and brought the global economy to the verge of collapse.   Zombie banking has become standard operating procedure for big debtor nations, propping up failing institutions, and creating bigger problems in an attempt to postpone the inevitable. 

Against the backdrop of the Occupy protests and the Eurozone crisis, Yalman Onaran examines how zombie banks hinder economic recovery and offers suggestions on how to stabilize the global economy.  

Zombie Banks: How Broken Banks and Debtor Nations Are Crippling the Global Economy will be on sale at the event.

About the Author:

Yalman Onaran is a veteran financial reporter at Bloomberg News and has studied bank insolvency for decades. One of the first reporters to break the news of the collapse of Lehman Brothers and Bear Stearns, he also opened the Istanbul bureau of Bloomberg News and exposed thirteen insolvent Turkish banks which the government was allowing to continue to operate. Onaran's work has appeared in The New York Times, Washington Post, Chicago Tribune, Bloomberg, Businessweek, Frankfurter Allgemeine Zeitung, and numerous other news outlets around the world.

About the Moderator:

Dan Alamariu joined Eurasia Group's Comparative Analytics practice as an analyst in February 2007. His expertise includes financial regulatory politics, the G20 and multilateral economic policy, foreign policy analysis, civil wars, and risk management methodologies. Prior to joining Eurasia Group, Dan was a vice president in the operational risk/business continuity planning group at the Bank of Tokyo-Mitsubishi UFJ. Previously, he worked as a senior consultant in the strategy and operations practice of Deloitte Consulting, advising large financial institutions on risk management issues. He has also worked for Deloitte Research, JP Morgan Fixed Income, and the Federal Reserve Bank of New York.

About the Sponsors:

The World Policy Institute and World Policy Journal engage fresh ideas and new voices from around the world to address critical shared challenges. We provide a forum for solution-focused policy analysis and public debate toward an inclusive and sustainable global market economy, effective and fair governance, and collaborative approaches to security.
The Political Salon - organized by Steve Sokol since 2003 to promote dialogue among the next generation of leaders in business, policy, and the media - regularly convenes a diverse group of young professionals to discuss a range of foreign policy issues and global affairs. Attendees are diverse in terms of nationality, profession, and political persuasion.

 Eurasia Group is the world’s leading global political risk research and consulting firm. By providing information and insight on how political developments move markets, Eurasia Group helps clients anticipate and respond to instability and opportunities everywhere they do business. Founded in 1998, the firm’s name reveals its early focus on the Soviet Union and Eastern Europe, but today Eurasia Group’s research platform is global. Their analysts monitor political, economic, social, and security developments in Africa, Asia, Eurasia, Europe, Latin America, the Middle East, and North America. They also examine cross-border issues such as trade, energy and other commodities, financial regulation, climate change, and global health.





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