"Another week of high drama in the financial markets culminated with the collapse of the $15 billion bailout talks for troubled US carmakers and European Union leaders backing plans for a €200 billion fiscal stimulus package in response to what is now certainly the worst financial crisis for 80 years. Economic data continued to show further sharp deterioration in the global economy. On Wednesday, yields on 3 month US treasury bills turned negative for the first time in post-war history, meaning investors are now prepared to pay for the privilege of owning US government debt. This is a stark reminder of the extreme investor risk aversion we are seeing in the current environment."
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