AN INSIGHT INTO EUROPEAN TELECOMS

Since the 3G spectrum auctions conducted back at the start of the millennium, the fortunes of formerly state-owned telecoms operators such as BT and France Telecom have declined dramatically. But we believe this period of decline is now drawing to a close.

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THE END OF THE BEGINNING FOR EUROPE

The arrival of QE is, in effect, an acknowledgement by core Europe that the periphery has reformed sufficiently that the underwriting of peripheral debt can now, at long last, be contemplated. The ECB – which is to say the Eurozone – will underwrite 20% of the bonds purchase, a key staging post in the move towards full debt mutualisation across the Eurozone.

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