Monday, February 23, 2009

European Pressure Continues to Build

Europe is modestly up today after the U.S. Citigroup plan (or lack thereof) but a pretty weak rally considering how oversold they are and the beating they took last week. This may be part of the reason why.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aDyKDzS6lN0Y&refer=home

The cost of protecting bonds sold by European banks and insurers surged to a record on concern that nationalized borrowers will be allowed to skip interest payments.

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