Hargreaves' Yearsley: This is a good entry point

Global stock markets have seen sharp falls over the past few days. Investors have been unnerved by a combination of factors. Top of the list is mounting concern that the debt crisis in the euro zone could spread beyond the peripheral nations of Greece, Portugal and Ireland to the much larger economies of Spain and Italy. The European Central Bank's latest announcements disappointed the market, which had expected a commitment to support (i.e. to buy) Italian and Spanish government bonds. Instead the only commitment given was to buy Irish and Portuguese debt. Bank shares in particular h...