Athens is burning~
just to strengthen my point on my previous post...
"There's... a danger of asset bubbles in places like Brazil or places like India and we should be careful about that -- that is a real threat," OECD chief Angel Gurria told CNBC television last Thursday.
His words came as investors appeared to also start to realize the risk, pulling more than 500 million dollars out of the Sao Paulo stockmarket in January.
The Bovespa index slumped 4.7 percent over the month -- a significant turnaround for a bourse that had been strongly rising on the recovery in the global economic downturn.
i've taken a little bet on credit defaults swaps on greece, they are a little expensive...but Athens is on fire and with noone to offer the water to put it out... Athens could very well burn to the ground. and spain would be next...the EU might step in the eleventh hour, and so they also would have Portgual, Ireland, Greece, Spain(PIGS) and italy as well in their hands. Or possibly just wash their hands clean. but a European crisis is one i would not ignore, well even German credit spreads are widening.
I'm not an expert in the european context, but the only thing i know is when i see the fuel needle pointing on E, i know it's probably not gonna be a smooth landing~