November 2011 Newsletter: Fallout from Europe
Should we be worried about the problems in the European Union [EU]? A certain amount of concern about government debt issues in Europe is well placed. Previously, government defaults were reserved for the emerging markets in places like Argentina and Russia. Just five years ago, the idea that Italy [gross government debt to GDP of 121%] Ireland [109%] or Portugal [106%] would be considered capable of default on their government bonds seemed far‐fetched science fiction. Now we grapple with frightening headlines from Greece [166%!] and the rest of the EU on a daily basis. Marsh, Marsh, Bill....
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