“European banks holding that emerging market debt start announcing write downs. Foreign banks, Deutsche Bank, BNP Paribas, all hugely exposed. Credit spreads blow out. And we get sort of a not this to the same extent, but we get an o eight style, which bank is next moment.”
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Deutsche Bank and/or BNP Paribas announce material write-downs on emerging market debt; credit spreads (measured by investment-grade and high-yield spreads) widen significantly
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