Here is a good interview that sums up the negative views of the hedgies: Its daunting, no doubt about it, especially with the numbers Kyle Bass was throwing out there. I agree that Europe is a mess, and I fully understand organized re-structuring or defaults will take place in Europe. (I disagree with the polling thesis, the amended EFSF vote contradicts it.) But what I truly care about is that credit does not freeze up. The market is is already pricing in a total and complete mess in the EU. I do believe something is coming out of Europe, what exactly, I do not know. (But I think it may cause the banks to pop.) I found the set up of the DAX interesting today.