I know of one natural gas supplier to Europe that is planning on defaulting its contracts to deliver at $4/mmbtu, pay the contracted penalty, and resell at $50. What then happens to the EU utility that has budgeted purchases at $4 and is obligated to deliver at, say, $4.50? Sing along with me:
B A N K R U P T C Y, why do I have Bankruptcy?
What I want to know is, in one way or another - or maybe in multiple ways - is the US FED going to bail out the Euros and their energy entities by giving them how much? A trillion? More?