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mark that for future reference
btw
does pk fail to ponder a key fact here :
the sov-bonds were pre crisis owned in large part by the leading banks of europe.....
or so we have been told
if not so now who did they off load em on ??
could it be in part at least on insider owned
call-lessly sourced private funds
that can wait and wait unlike corzine types
and take the huge capital gains out there
once the piigs bond rates drop like stones apres the point in time
when on going ECB "participation"
becomes conventional wisdom
note present french versus italian market rates imagine the price moves
as the italian market rates come down near to french levels
and they both move closer to german rates