Telecommunications lost its way and the behavior of the financial markets is considered as the problem. 3G debt has caught the imagination of journalists with its echoes of Iridium and other spectacular disasters and, indeed, the prospect that it could fail entirely is a significant issue for the market. However, 3G is only a small part of the problem: the EUR100 billion excess debt and share overhang has been caused by over-investment driven by unrealistic expectations across the whole sector. It will take at least two years to get back on course as demand and supply come back into balance.