Lots of noise in the equity trenches, but it's crickets over in the TED spread trench.
( http://www.bloomberg.com/apps/cbuilder?ticker1=.TEDSP%3AIND )
If European debt is a true problem, why are the banks willing to risk dollars versus Euros at almost the same risk? At this point, Eurodollar versus US dollar lending is in longer term, 'normal' territory.
If European credit-worthiness were at risk, the spread should widen, unless both parties (US & EU) are being weighted as equal risk of default. Last read, Greece was given 20% odds of default.
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