Very simply, Eastern Europe has become Europe’s version of the subprime market.
– Robert Brusca, FAO Economics
The disaster spotlight is now being pointed at east and central Europe.
– Gernot Mittendorfer, CEO Ceska Sporitelna, a large Czech bank owned by Austrian banking conglomerate the Erste Group
Yesterday, The New York Times ran a couple of articles on the front page and front page of its Business Section on the crisis in Eastern Europe – click on the links above. I wrote about it last Tuesday and went into more detail in this past week’s Client Note: Europe’s Subprime (e-mail me for a copy).
This appears to be the next big crisis. Could it lead to another leg down for global equity markets???? That’s the question I’m trying to answer……