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Currency Markets Absorb Euro Agreement, Yen Intervention
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Currency Markets Absorb Euro Agreement, Yen Intervention

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Currency Markets Absorb Euro Agreement, Yen Intervention

By Ralph Shell: The results of last week's euro summit and today's intervention in the yen by the Japanese government have a familiar ring. As Yogi Berra once said this is deja vu all over again.

The Brussels summit produced an agreement that was long on aspirations to achieve comprehensive solutions for the debt and banking crisis, but short on details how this would be accomplished. If you were to believe the markets' initial response, you might be convinced the crisis was over, and it might be time to buy some bank stocks.

Bank stocks, however, may have benefited from a change in the rules. For the first time a 50% write down of a bonds principal amount, expected to be repaid, is no longer a default. Many parties had purchased credit default swaps as bond insurance, protection against default.

Without default, they could not collect, and they were hurt, right? Yes, but


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