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Jakobsen: Prepare for the next European crisis now!
How prepared are you for Europe's new crisis? It's certainly coming, says Steen Jakobsen, Saxo Bank's Chief Investment Officer. With Greece seeking to get more European aid, a political crisis in Portugal and the German election, Steen says we're back-loading problems into the fourth quarter.
Jakobsen says the so-called peripheral countries still haven't done enough to be competitive and that it's all about structure; it's no longer about monetary policy.
In any case, Steen says the ECB has been talking down market expectations and words appear to have replaced actual policy rate decisions. That, he says, is not sustainable.
02:13 minutes
Tags: angela merkel, bonds, competative, crisis, ecb, economics, elections, euro, eurozone, germany, greece, growth, interest rates, macro, merkel, peripheral, portugal, reform, saxo bank, saxo tv, saxotv, steen jakobsen, structure, tradingfloor.com, video, yields