European Governments Are Starting To Bail Out Their Energy Companies

There is now a G7 agreement to impose a price cap on Russian oil. REUTERS  

Zero Hedge: Sweden, Austria Start Bailing Out Energy Companies Triggering Europe's "Minsky Moment" 

Last weekend, Credit Suisse repo guru published what may have been the most insightful snippet of the entire European energy crisis (to date) when he extended the infamous "Minsky Moment" framework to Europe, and specifically Germany, which he said "can’t cover its payments without Russian gas and the government is asking citizens to conserve energy to leave more for industry." He then elaborated that "Minsky moments are triggered by excessive financial leverage, and in the context of supply chains, leverage means excessive operating leverage: in Germany, $2 trillion of value added depends on $20 billion of gas from Russia… …that’s 100-times leverage – much more than Lehman’s." (Zoltan's entire note is a must read for everyone with a passing interest in what comes next). 

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WNU Editor: More signs that Europe is losing this economic war against Russia .... Europe's Energy Crisis Deepens After Russia Keeps Pipeline Shut (NYPost).