global perspective

European endgame

Europe came out with a shock and awe package of Euro 750 billion for the markets over the weekend. The markets heaved a sigh of relief and markets around the world rallied on Monday.

However, the problem is one of solvency not liquidity. Market participants are equating this to the TARP bailout program put together by the US government in 2008. The reality cannot be more different. More...