It was another Terrible Tuesday.
Turmoil everywhere drove investors to the dollar, Treasuries and gold.
Buyers disappeared.
Europe is now the epicenter.
That’s what we learn from the Financial Times.
The exposure of Western European Banks to emerging Europe is leading markets to price in a full blown credit event.
Did anybody ring the ECB about this, because those guys seem to be lost in space for the moment.
The markets are blowing spreads of member states versus the Bund out of the water.
Italy, Ireland, Greece and Austria are feeling the pain.
On the Zero Hedge blog we found following chart, showing Western European countries’ exposure to their Eastern European counterparts.
Turmoil everywhere drove investors to the dollar, Treasuries and gold.
Buyers disappeared.
Europe is now the epicenter.
That’s what we learn from the Financial Times.
The exposure of Western European Banks to emerging Europe is leading markets to price in a full blown credit event.
Did anybody ring the ECB about this, because those guys seem to be lost in space for the moment.
The markets are blowing spreads of member states versus the Bund out of the water.
Italy, Ireland, Greece and Austria are feeling the pain.
On the Zero Hedge blog we found following chart, showing Western European countries’ exposure to their Eastern European counterparts.
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