📧 Communication

This document is a J.P. Morgan Private Bank economic report (likely from late 2010 or early 2011) analyzing the Eurozone crisis, specifically focusing on the financial burden placed on Germany ('Germany as paymaster'). It discusses the potential costs of a permanent transfer union, citing a 'creditworthiness gap' of EUR 108 billion, and compares these costs to historical German economic burdens like Versailles reparations. The document bears a 'HOUSE_OVERSIGHT' stamp, indicating it was part of a document production for a congressional investigation.