Following an early wobble in January, 2010 was shaping up to be a good year for risk assets as monetary policy remained loose and the global economic recovery gathered pace.
That is until market participants finally began to take on board the seriousness of the fiscal situation in peripheral Europe. As capital markets began to shun Greek requests for funding, the risk of contagion to other fiscally stretched economies became increasingly apparent. So too did the potential knock-on effects to investors as well as business and consumer confidence. The state of sovereign balance sheets was always going to be the elephant in the room during the recovery. History has taught us such and is in many cases simply the result of private debt being transferred to public...
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