Viewing Europe as a CDO

Investors might be wary of buying some of the riskier traunches of this imaginary security.

By Adam Fisher

Investors have been following the European debt crisis closely for the last three years, and in the process, have been trying to form a context around which to base an investment thesis and strategy. As the crisis has played out, Europe looks more like one giant collateralized debt obligation than a unified political and monetary body.

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