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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: stan_hughes who wrote (362807)3/18/2008 12:59:07 PM
From: Giordano Bruno  Read Replies (1) of 436258
 
Some Wall Street banks seen riskier than poor countries

"You could say Lehman is riskier than Nigeria," one trader said, asking not to be named. "But it's not a trade or a comparison people often try to make."

In credit derivative swaps markets, Turkey was trading at the same level as British bank HBOS, while healthy Brazil with credit derivatives swaps at 191/197 basis points was roughly level with Royal Bank of Scotland, BB Securities said.

That was despite worries over Turkey's wide current account deficit and concerns over an attempt by the country's secular prosecutors to ban the ruling party from politics for allegedly trying to build an Islamic state.

"It gives us some kind of snapshot of relative values," said BB Securities emerging markets research head Paul Hollingworth. "The fundamentals have become secondary to liquidity and technical factors.""

reuters.com
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