The Bloomberg chart shows that the one-year Greek Government bond yield is well above 100%, that is, investors have few doubts that Greece will not pay. The situation is dramatic, no one is ready to lend an euro to Greece: if Europe aka Germany does not rescue Greece, the Euro is kaputt. On the other hand, a play against the Greek default would pay double. The Greeks hope that the regional crisis (Erdogan vs Cyprus, Israel, Iraq) may persuade the Europeans and Americans to financially support Greece, as they would not wish to have a Western state collapsing against an aggressive Turkey, in an overall unstable geopolitical environment.
Audaces fortuna iuvat;
Courage, to me!
1 comments:
Yes it appears that Merkel, Sarkozy and the colleagues will all be taken up in the whirlwind.
Ivan
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