The key takeaway from this week is not the weakest US jobs data in nine months. After all, it was well appreciated that for a number of reasons the US economy has lost some momentum in H1. Even the Federal Reserve has acknowledged this. Nor is the takeaway from the week that European officials have yet to design a way to get the private sector to participate in aiding Greece without taking the risk that the ratings agencies would recognize the scheme as a distressed exchange and give Greek bonds a default rating. With the next tranche of aid to be handed over, there is plenty of time -- a couple months at least, for Europe to figure a way to square the circle.
Instead, the significant development this week was the pressure on Italy. Italian bonds sold off every day this past week and brought the 10-year benchmark yield
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Ashley Tappin Carmen Electra Amanda Marcum Leila Arcieri Kate Mara
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