I'll be in Eastern Europe on Thursday. Contacts in Hungary and...

I'll be in Eastern Europe on Thursday. Contacts in Hungary and Poland tell me the situation is dire. 90% of Hungarian and Polish mortgages taken out in the last two years were done so in Euros or Swiss Francs. Subsequently, house prices have lost 50% of their value and the local currencies have also been smashed against the Euro. Loan defaults are in the trillions and Austrian and German banks will be the casualties.

From a BBI perspective (not BEPPA), it is imperative that DBCT gets sold before Sept 30 and settled before SPARCS are due in November. If there is no cash available to pay out SPARCS, the dilution will be huge.