Fink: too much debt to payoff# Stock
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"The marketplace is saying that this is not just an Italian problem, this is
now becoming a European problem," Larry Fink, CEO of BlackRock, said on
CNBC this morning. "Liquidity is vanishing."
We won't dwell on Europe today, as we all know the situation – too much
debt, soaring yields, and fragmented leadership. But it's worth noting the
opinion of the CEO and chairman of the world's largest asset manager, with $
3.3 trillion under management.
Fink noted the divergence of triple-A-rated European countries from the
benchmark German bund. The spread between the bund and debt from Norway and
the Netherlands moved 20 basis points (bps) in one day – the biggest moves
in history. Fink also said you need to watch France, the European Union's
other supposed iron-clad credit. In the midst of the subprime crisis, France
was trading 10-20 basis points off Germany. Today, the spread jumped 23
basis points to 187.9 bps, an all-time record
now becoming a European problem," Larry Fink, CEO of BlackRock, said on
CNBC this morning. "Liquidity is vanishing."
We won't dwell on Europe today, as we all know the situation – too much
debt, soaring yields, and fragmented leadership. But it's worth noting the
opinion of the CEO and chairman of the world's largest asset manager, with $
3.3 trillion under management.
Fink noted the divergence of triple-A-rated European countries from the
benchmark German bund. The spread between the bund and debt from Norway and
the Netherlands moved 20 basis points (bps) in one day – the biggest moves
in history. Fink also said you need to watch France, the European Union's
other supposed iron-clad credit. In the midst of the subprime crisis, France
was trading 10-20 basis points off Germany. Today, the spread jumped 23
basis points to 187.9 bps, an all-time record