Understatement of the Day
From Paul Kedrosky:
It does not seem to be good if you are a Luxembourg-based Icelandic banker used to selling swiss franc denominated mortgages to hungarian farmers.
The crazy thing is that this kind of thing seemed to make a certain amount of sense as recently as a couple of years ago. But hey, Luxembourg isn’t only about finance. The Luxembourgeois can always fall back on those steel plants.
Reprinted from Portfolio.com