Tuesday 6 December 2016

Brendan Keenan: Europe at crisis point as all eyes turn to Germany

Published 10/11/2011 | 05:00

COULD November 9, 2011, go down as another 'Black Wednesday'. It is a bit too early to say, but it is not impossible.

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No one has ever worked out why markets crack when they do. One may know the causes, but the exact timing -- October 1929, March 2008, or whenever -- rarely seems to have any particular reason.

In the case of the euro, it might be this week. If so, there is one thing that historians may point to in explaining the date. The obscure, but vital, company that matches most buyers and sellers in the giant market for government bonds increased the deposit that a prospective buyer must provide in case the trade falls through.

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