Traders are frantic this morning as George Osborne's calming words have done nothing to halt the carnage. From
Italian bankscrashing over 25% to British banks being halted, trading
at record lows, to Deutsche Bank extending its Lehman-esque trend, as
one veteran stock market trader in London said, "it's a f##king
bloodbath, not even Draghi can save this one." The contagion is
spreading however as UK default risk has spiked to 3 year highs and USD liquidty needs are surging with funding markets seeing serious distress.
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