NY Times On Europe’s Subprime

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……