Credit crunch!

The Dustbin of the Banalities

It’s terribly easy to get bullish about the development of the credit markets in Europe. Those who work in the business can comfort themselves in the knowledge that the corporate credit markets and all that goes with them – from plain vanilla bonds to more complex credit structures and credit derivatives – have shown a dramatic growth over the past five years, albeit from a very low base.

But certain areas of European fixed income require urgent attention. There are

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