the markets were ugly today, and it doesn't look like it's over yet. At a minimum there will have to be a bit more delevering in Europe to make up for the way their collateral was aggressively sold off after their markets closed.
The very worst of the possible options is that there is talk of an Italian bank run tomorrow. If it's true, then I doubt the euro will survive it.
But you can't say we weren't warned.
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