What Size is the Fire Exit?
The situation in the eurozone for investors today resembles that of a crowded cinema with only one exit: everyone knows that in case of fire, only the first to leave will be safe. So, depending on the size of the exit, even the faintest whiff of smoke can trigger a stampede.
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BRUSSELS – The eurozone is being thrown into turmoil by a collective rush to the exits by investors. Yields on government debt of peripheral eurozone countries are skyrocketing, because investors do not really know what the risks are.