February 5, 2010 Global equity markets have sold off sharply to start 2010. The risk trade that worked so well last year is getting creamed. A flight to quality is underway. Investors are concerned over the sustainability of mounting debt and deficits of weaker Euro member states. I am talking about Portugal, Ireland, Italy, Greece, and Spain here-better known as the PIIGS. Today, Greece is in the crosshairs of global bond market investors. Greece’s debt and deficits are unsustainable, but there is opposition to a plan to rein in debt. Investors smell blood and have bid up yields on Greek … [Read more...]
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