October 2011 Client Letter standard
October 28th, 2011 Dear Client: It seems that the volatility in the stock market has continued our rollercoaster of ups and downs this past quarter. Can this continue? Well it seems that it will with the daily changes of positive and negative news in Europe. And as of last week the announcement has come! The European Central Bank has decided to bail out Greece and the markets have responded favorably. The key points are the Greek debt being held by private sector creditors will be cut by 50% with investors accepting a ‘voluntary’ 50% haircut. Furthermore, European’s biggest banks will be required to increase their core capital ratios by 9%. The leaders have also agreed to a 440 billion Euro ...
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