Why the markets got it wrong on Europe

The market has taken an optimistic view of eurozone periphery bonds, but shrinking capital stocks, rising public debt and questions over the ECB's legal mandate still ensure a high risk of default.

There are a few relationships in economics that are almost set in stone, with the odd exception to the rule. If supply increases, prices fall. If you consume more, you can save less. And if you want to achieve higher returns on your investment, you must be prepared to accept higher risks.


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