The North Korean news and other developments with Bulgarian bank debt were partly responsible for the fall in the EUR yesterday but the main reason was a report in the UK Telegraph quoting Jochen Sanio of Bafin as saying that German bank debts were set to blow up like a grenade. I have been unable to find any reference to this in the German newspapers. The FAZ does refer to one speaker at the German Lawyers Conference who quoted an old statement from Sanio where he spoke of the tsunami which had hit the credit markets, but otherwise nothing as yet. Sanio has also denied making the ‘grenade’ remark.
Ambrose has been particularly loose recently with his analyses as he tries to fit facts and news into his theories. His analyses may well be right but he would be well advised to check his facts more closely otherwise he will lose credibility and we will lose an always interesting read.
