Sovereigns Look Seductive in Europe’s Periphery

Jorgen Kjaersgaard (pictured) and John Taylor Investment-grade bonds issued by nonfinancial firms in Europe’s peripheral countries have had a great run but now look expensive. In our view, government bonds from the likes of Spain and Italy offer better value for investors who want peripheral exposure.

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Excessive Leverage: The Root of All Financial Crises

Today’s European sovereign-debt crisis has much in common with other seemingly unrelated crises of the past decade. The common element? Too much leverage.

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New Governments in Greece and Italy Could Contain Damage

As political casualties of the European sovereign-debt crisis mounted this week, it’s easy to understand why financial markets panicked. But all hope is not yet lost.

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