The cavalry (part II) |
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As a follow up to my note early this morning, here are a few more considerations on the rescue operation announced by the US authorities. In particular: (1) after the impressive relief rally enjoyed by markets that have seen their death sentence rescinded as they walked to the guillotine, we now need to focus on the design and implementation details, especially what assets will be taken over by the government; from which institutions; and at what price/haircut. (2) A key challenge will be to
Filed under: Fundamental
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