Posted To: MBS Commentary
Things began to change in the Eurozone in 2013. That was when Cyprus and Italy were providing mild aftershocks following the bigger drama in 2010-2012. Italy certainly had it’s fair share of drama during that time, but if any Eurozone state takes the cake in terms of drama, it would have to be drama’s birthplace itself. Greek drama noticeably lost its luster in mid 2012 when it came to freaking out its neighbors. Before that, the fear of a systemic (think dominoes) collapse was a real trading motivation for investors when it came to valuing the sovereign debt of other Eurozone countries. Whoever was seen as the next most likely to follow Greece was who got hit the hardest. I’ve marveled , recently, at the willingness in the analytical and media communities to go right back to that…(read more)
Via:: MBS Day Ahead: Europe no Longer Fears Dominoes; Up to Greece to Fold