What a difference three months makes.
Back in June, before the brief risk flaring of third Greek crisis/bailout suddenly destroyed many traders’ summer vacation plans when Tsipras unexpectedly announced a Greferendum at the end of June only to morph into the cabinet he replaced by conceding Greek sovereignty to Germany, the biggest “tail risk” according to Bank of America’s global fund manager survey was a “geopolitical crisis, perhaps as a result of the ongoing fallout in the middle east and Ukraine.