Disclaimer. After nearly 40 years managing money for some of the largest life offices and investment managers in the world, I think I have something to offer. These days I'm retired, and I can't by law give you advice. While I do make mistakes, I try hard to do my analysis thoroughly, and to make sure my data are correct (old habits die hard!) Also, don't ask me why I called it "Volewica". It's too late, now.
BTW, clicking on most charts will produce the original-sized, i.e., bigger version.
Monday, February 20, 2012
Greeks lose the faith
I think the markets now are convinced that Greece will default. It's been obvious to me for a while that she would, and the draconian austerity forced on her by Germany virtually guarantees it, as I said in my last post.
Read this article. Has the ordinary Έλλην επι τῃ όδῳ (man on the street) now realised that default might actually be less painful than a deep depression? And when Portugal faces the same conundrum? And Spain? And Italy? Does Germany realise just how deep -- and how long -- the European depression could be if the euro blows up?
Posted by Nikolaos at 11:51 AM