The British Lecturer Gekril Hougi delivered a lecture at An-Najah in which he spoke about the roots of the financial crisis in Europe; he also described the increased unemployment rates in many of the European countries in addition to the increase in austerity and the reduction in governmental spending.

The lecture aimed to introduce the audience to the financial crisis that strikes the European Continent. The lecturer discussed the loaning system in Europe, the banking problems and their impact on unemployment rates as well as economical growth in Europe.  

Moreover, Hougi explained the crisis that is striking Europe through presenting the elements of this economical nightmare. The crisis is attributed to the structural errors that exist due to the banks’ adoption of a specific policy through which a percentage rate is offered to the workers in those banks in return for attracting more customers. This has led to more loaning without any guarantees or fixed assets.

This banking policy together with the inability of the borrowers to repay the loans led to a reduction in the price of properties due to increase in supply and reduction in demand. Also, this resulted in banks taking properties from those who could not repay the value of the loans, thus those banks began to look for alternative income resources and offer more loans. Consequently, this has led to making things worse and the governments were forced to interfere to save the banks which have lost their credibility among the depositors community.

Gikril works in the European Credit System Management in London, United Kingdom. He also worked in the field of investment and monetary conflict resolution as well as monitoring financial operations, management of capital, investment in banking and the analysis of calculations.