Tail risk cheap, but few takers
The tail end?
Despite victory for pro-austerity centre-right parties in the Greek general elections, and a brief fillip for the euro, which rallied to 1.27 against the US dollar before cooling off again to 1.25, the single currency is not out of the woods just yet. Any new government formed by New Democracy and Pasok still has a good chance of presiding over a Grexit, and the pain in Spain’s banking sector has taken government borrowing costs to a new euro-era high. As the price action following the election
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