by Katie Martin
Wall Street Journal
November 8, 2010
I hate to say ‘I told you so.’
But I told you so.
The euro crisis is back.
To be fair, it never really went away, as a quick look at the euro-zone bond markets will tell you. Investors have been expressing their nerves about a government debt default by a relatively shaky euro-zone state since at least mid-October, pushing the cost of insuring against this kind of event sky high for countries like Ireland.
The gap in borrowing costs between super-safe borrowers (ie Germany), and those other not-so-safe borrowers, has also been yawning wider for some time, in a textbook sign that all is not well in the euro-area bonds universe.
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