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Economic Research

Market Turmoil Amid Eurozone Contagion Fears

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EXECUTIVE SUMMARY

On May 6, U.S. stocks plummeted in the wake of the eurozone (EZ) debt crisis and technical glitches. In RGE's view, the ECB on May 6 has clearly missed the opportunity to alleviate the contagion gripping periphery countries. RGE maintains that Greece faces a solvency rather than a liquidity issue. The most efficient solution in this case is a preemptive restructuring via maturity extension and containment of contagion (see RGE Analysis on Plan B). RGE does not exclude the possibility that the ECB eventually will buy government bonds, but it is likely to do so only[...]

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