Crisis not over yet
The capital markets could be forgiven for thinking that Christmas came a little late this week. Blowout deals for Ireland and Portugal — plus strong showings for banks and corporations in those countries throughout the periphery — suggest that the funding part of the eurozone debt crisis could be coming to an end.
A syndication for Greece would be the ultimate expression of that shift and such a deal is no longer an outlandish suggestion. But not even the most ardent Europhile could argue that the capital markets are reflecting economic reality.
It was clear during Ireland’s syndication that many investors
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