As Europe continues to deliver a series of band aid solutions to an ever deepening sovereign debt crisis, Asian credit markets are seeing spreads widen in sympathy with the worsening credit markets in Europe and the US.
After the 110 billion $145 billion bailout package was issued to Greece on May 2, the market had thought the debt problems were on the road to repair. However with last week's relapse, coupled by escalating political tension in Greece, it was very clear that the band aid had come off.
In response, the European Central Bank on Monday announced a 750 billion $962 billion package to prop up the struggling sovereigns across Europe. Initially this...
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