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MAY 10, 2013 - Business Insider

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In One Chart, Here's Why Roger Altman Is Wrong About How The Markets Forced Austerity On Europe

Evercore chairman Roger Altman was on CNBC this morning arguing that austerity in Europe was not a "choice" but rather something that was forced onto countries by raging credit markets that were rebelling against high debt loads. This is incorrect, and provably so. Here's a chart going back 3 years of Italian borrowing costs (the yield on the 10-year Italian bond). There were two big peaks in the country's borrowing costs. The first was in late 2011, and the second was in summer 2012. Something important happened at both of those peaks: The European Central Bank stepped up and began to ... Read More

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