A QE taper trap for southern Europe

If Citigroup’s Willem Buiter right, once German elections and the Fed’s QE tapering are underway then Europe will face another wave of debt restructuring and potentially its toughest test yet.

There are a couple of major flashpoints nearing within the global economy with significant implications for financial markets.

The one that has grabbed most attention is the on-again, off-again discussion about the tapering of the US Federal Reserve’s quantitative easing program. Every time Ben Bernanke refers to tapering the markets gyrate.

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