May 19 - Breakingviews says markets think the euro zone crisis is over. Bond yields in the periphery are below pre-crisis levels. For blindly confident investors, the result could bring serious instability.
You're the sliding towards the Nixon in -- name and that's the focus of breaking these today and with me now it's at which hot fast. Festival tickets -- it will be mean Keenan kids right. It's an idea from I'm from promoted by the lead economist I -- ski. A Saint Louis. Where it that stability breeds instability. The nation's very simple that is investors get too stable and lenders financial intermediaries. They start making more and more risky bets and sooner or later some little thing trips you all up and you get a massive collapse we saw in the 2007 crisis. To resonate crisis and need to be in the US we sought again in the eurozone crisis people believe that the Euro was firm and solid. They beat down the prices of -- have Greek debt. I bid up the price has -- down the yields and all of a sudden collapse of -- find out what that would slipping toward this well in a way no because the response the crisis was very good principal reasonably good we've seen the European Central Bank step up and then take. He's promised to take action we've seen some movement towards banking unions so we've seen some responses. I'm us citizen now why do right in this -- what we need to write something now it's because they're actually is something going wrong here which is the attitude of investors is all off. I'm their starting to have the same kind of complacency. That does indeed generate that means -- moment. We believe that everything is okay. Now what's happened for us to avoid this may well what you need is more fear and less greed I mean in very simple terms. As investors get more more confident they search for yield they look for risks -- -- up the prices of these peripheral debt. They stopped -- putting pressure on the and the politicians to make sure that the -- holds together. So you need is for them just to get a little bit scared because it's better to -- a little bit scared early then to be a lot scared me. More agreed to more fear and off and less greens. That's what we need in Europe to stave off England's key minutes that's according to breaking pieces at a Todd -- I'm I'm -- Aung. This is voices.