Unless something changes in the next 24 hours, I expect we will hear more and more talk about default, not only of Greece but of other countries and of banks.
Tenemos que admitir de una vez que esto es una gangrena. Si seguimos esperando, puede que no sea posible salvar al paciente.
La tragedia de Europa es que quienes tienen el poder para rediseñarla (y, por ende, resolver sus problemas) perderían una enorme capacidad negociadora dentro de la eurozona si lo hacen.
The activism of Merkel and Sarkozy should come as no surprise. French and German banks are the largest holders of Greek debt.
El gobierno griego debe encontrase definiendo la hoja de ruta para dar el primer paso hacia la vida después del euro.
The market is betting that Greece will default –soon.
Cada vez es más obvio que el rescate griego no funcionará y que el país heleno suspenderá pagos.
A bailout of Italy would cost the EU another €500 or €600 billion. Spain would be another €300 billion. Why would Germany and France want to do that?
The bad news for investors pursuing positive real returns is obvious: the first half of 2011 was painful. The good news is that a set of conditions now exist that we think sets the stage for meaningful structural change… and it may occur soon.
I’m sorry to say that the European debt crisis is just beginning.
One must conclude that the EU’s new central planners are acting as class warriors by demanding that all losses are to be suffered by economies imposing debt deflation and permitting creditors to grab assets… If Greece does not draw a line here, it will be a victory for financial and fiscal aggression imposing debt peonage.
There are two ways out of this mess: default or monetary inflation.