The ECB is getting a lesson in predation from the vultures/gnomes.
By Ambrose Evans-Pritchard
Published: 7:29PM GMT 04 Feb 2010
Julian Callow from Barclays Capital said the EU may to need to invoke
emergency treaty powers under Article 122 to halt the contagion,
issuing an EU guarantee for Greek debt. “If not contained, this could
result in a `Lehman-style’ tsunami spreading across much of the EU.”
Credit default swaps (CDS) measuring bankruptcy risk on Portuguese
debt surged 28 basis points on Thursday to a record 222 on reports
that Jose Socrates was about to resign as prime minister after failing
to secure enough votes in parliament to carry out austerity measures.
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