Credit Crisis from Luxembourg

An email to a friend from a friend in Luxemboug about the financial crisis:

Seen from Luxembourg, the downturn is still something you read about in the paper, an abstraction really, despite the fact that the local economy is totally dependent on the financial sector. Can’t say I understand what is going on, but it does not seem to be good if you are a Luxembourg-based Icelandic banker used to selling swiss franc denominated mortgages to hungarian farmers.

Call it a narrowcast crisis.