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Panic In The Kingdom: Saudi Currency, Bonds, Banks Extend Collapse Despite OPEC 'Deal'

Following Obama's 9/11 bill veto defeat yesterday, and despite a surge in oil prices after a 'deal' was struck by OPEC, Saudi Arabia's markets are signaling panic in The Kingdom. Currency forwards are collapsing, default risk is jumping, and bank stocks are hitting record lows... Mint's Bill Blain, in his Morning Porridge noted that last nights “surprise” OPEC agreement to agree to agree about talks on cutting oil production is fascinating.
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