Photo: Wikimedia Commons
Art Cashin didn’t publish his daily Cashin’s Comments today.However, he did speak with King World News.
He expressed some scepticism toward recent Spanish bond auctions, which many considered to have gone smoothly.
Some people felt it looked more staged than a Broadway play. They couldn’t really afford to see this auction fail dramatically. At the same time, it was felt they couldn’t be demonstrably seen to be buying the Spanish paper themselves.
So, there was a feeling among a variety of people that if you dug below the surface, you might find there was some influence. You know, ‘Hey guys, buy some of these bonds. We’re working on a project and we need your help.’ Do we have any actual, tangible evidence of that? No. But the feeling of many of the observers is that sure is the way it looked.”
Cashin, UBS Financial Services’ Director of Floor Operations also spoke to the flow of fund out of Southern Europe. “Each day money is leaving,” he said. “It continues to leave Greece and it continues to leave Spain. If, at some point it were to accelerate into a frenzy, then European banks would find crisis at hand.”
“A eurozone breakup would be cataclysmic.”
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