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Tuesday, May 12, 2009

 

updating eastern europe


it's been a while, but ed harrison of credit writedowns relays brown brothers harriman's suspicious outlook.

at the outset of april ft alphaville had written

While this is still obviously a concern (and regional currency euro cross-rates are creeping back to the lows of February which previously set off the EE panic) the escalation of the crisis into the real economy and trade decline is now the key vulnerability.


we've since seen a number of baltic and eastern european states record GDP collapses in excess of (-10%) while global trade is destroyed at rates more impressive than seen at the outset of the great depression.

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