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Europe Is On Its Way to Third World Status

April 29, 2010

from Baseline:

The conclusion: large parts of Europe are no longer “investment grade” – they are more like “emerging markets”, meaning higher yield, more risky, and in the descriptive if overly evocative term: “junk”.

This is not now about Greece (with 2 year yields reported around 20 percent today) or Portugal (up 7 basis points) or even Spain (2 year yields up 27 basis points; wake up please) or even Italy (up 6 basis points).  This is no longer about an IMF package for Greece or even ring fencing other weaker eurozone economies.

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