Exclusive Analysis, a research group that predicted a crisis to unfold on Nov. 26 such as a sovereign collapse in Europe, says the day of reckoning is still on the way, probably in January.
A "sudden crisis," according to Exclusive Analysis, comes when a sovereign is unable to meet its financial obligations to creditors without outside help.
The firm gave the odds of "sudden crisis" striking a 65 percent chance by Nov. 26 in a report published on Nov. 8
That sudden crisis hasn't struck yet, but it will in January.
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Bond yields are skyrocketing in Europe, and the debt crisis there appears to be spreading.
"We retain this weighting but are deferring the timing until late January," Exclusive Analysis researchers write in a note, according to CNBC.
"This is mainly because new technocratic governments in Greece and more so Italy are likely to enjoy short honeymoon periods, receiving support from European leaders (e.g. European Central Bank bond purchases tempering the rise in Italian yields)."
In Italy, Mario Monti recently took the country's reins while in Greece, Lucas Papademos has assumed control of a caretaker government there.
Governments worldwide are watching Europe navigate its way out of the crisis, pointing out that leaders there are moving way too slowly.
"Europe needs to understand that financial markets don’t work on political timelines, and they are already a long way behind the curve," says Australia's Treasurer Wayne Swan, according to Bloomberg.
"The global economy has already paid a very high price for the failure of Europe to get its house in order."
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