Epstein Secrets

ain & Portugal 16% 105. 14% 100 17% i 10% od B% 85 G% Germany ad Ao, a aa 2007 2008 2009 2010 2011 0% aa ae ; Source: INE, CSO, ISTAT, NSS, Eurostat, Bundesbank, J.P. Morgan Ve7O gf TOG 188 TO 1D ZO aT Securities LLC, J.P. Morgan Private Bank. Periphery =Portugal, Ireland, lialy, Source: J.P. Morgan Private B

ports indicating a slowdown in manufacturing and service sector surveys. Michael Cembalest Chief Investment Officer Notes [a] Bundesbank President Weidmann, in response to last week’s package: “By transferring significant risks to the support-giving countries and their taxpayers, the Euro area has taken

me to fail. Industrial production Index, 100 = January 2007 110 105 100 95 90 85 80 15 2007 2009 2010 2011 Source: INE, CSO, ISTAT, NSS, Eurostat, Bundesbank, J.P. Morgan Securities LLC, J.P. Morgan Private Bank. Periphery = Portugal, Ireland, Italy, Greece, Spain. 2008 * The current EFSF lending capacit

worst-case outcomes have been avoided (money market failures, bank runs, etc), but markets will remain nervous about Europe. > Bundesbank President Weidmann, in response to last week’s package: “By transferring significant risks to the support-giving countries and their taxpayers, the Euro area has taken

or parties are unflinching supporters of the European project, and will do whatever it takes to prevent a break-up. The objections from members of he Bundesbank are described as lonely voices of opposition that carry no weight [a]. But how large are the costs goin‹ to be? German politicians and voters may see

reports indicating a slowdown in manufacturing and service sector surveys. Michael Cembalest Chief Investment Officer Notes [a] Bundesbank President Weidmann, in response to last week's package: "By transferring significant risks to the support-giving countries and their taxpayers, the Euro area has taken