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"The Corzine trade lives on," writes the FT's Neil Hume after today's Spanish auction in which...

Dec. 15, 2011 9:34 AM ETBy: Stephen Alpher, SA News Editor1 Comment
"The Corzine trade lives on," writes the FT's Neil Hume after today's Spanish auction in which the country sold 70% more debt than it had expected. Hume notes all of this paper can now be turned around as used as collateral for further ECB borrowing - levering up already dangerously levered bank balance sheets even more. "President Sarkozy will be pleased."

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