Viewed from New York, the manner in which this eurozone story is playing out feels unnervingly similar to the pattern behind the American financial turmoil of late 2008…So will this now be followed, as it was in 2008, will a full-scale financial meltdown? Will panic spread when investors suddenly stumble on some overlooked interconnection risks? Just remember what happened, say, when it transpired after Lehman collapsed that hedge funds assets were not ringfenced in London; the legal fine print of opaque financial contracts can sometimes matter enormously but have unpredictable consequences.

Read the full story at the Financial Times