Understatement of the Day

March 11, 2009

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

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