We’ve learned, and/or remembered a lot in a year. Remember “spheres of influence”? They were supposed to be a thing of the past despite Russia and others offering examples that they’re not. In March last year EU Commission President Ursula von der Leyen claimed that “Putin is trying to turn back the clock to another era – an era of brutal force, of power politics, of spheres of influence”. Perhaps she meant the era of Russia invading Georgia (2008)? Or Russian annexing Crimea (2014)? Or China pushing its claims in the South China Sea, or Turkey’s “Blue Homeland” theories, etc.
How ironic that Credit Suisse was the first bank to issue an AT1 – otherwise known as cocos
The wiping out of the holders of Credit Suisse’s AT1 is to bond markets as seismic an event as the recent earthquake in Syria and Turkey was to its people.