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Official projections show the establishment (pro-bailout) parties - New Democracy and Pasok -...
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Sunday, June 17, 2012, 4:24 PM ETOfficial projections show the establishment (pro-bailout) parties - New Democracy and Pasok - with enough seats to form a government in Greece. New Democracy is projected at 30.1%, Syriza at 26.5%, Pasok at 12.6%. Pasok indicates it will provide the votes to create a majority but will not take part in the government, reports Dow Jones. The euro is buying $1.2705 vs a Friday close of $1.2638.
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Meanwhile, in another dimension... the US federal debt reaches 103% of GDP, even as 10-yr T-bond yields drop to 1.57%. In some instances (and in ALL INSTANCES after accounting for inflation), fear-driven investors are PAYING "safe haven" governments (US & Germany) for the PRIVILEGE of lending to them on a long-term basis. I guess these investors want to protect their principal, except that... oooops, bond prices move inversely with yields and as yields revert to historical norms or at least catch up with inflation that principal will get crushed.
Well, at least tomorrow the "euro crisis" fear trade gets cooked. About time, as it is getting annoying.
Will this mean I get a better price on my olives?
I still think the Greeks will play hardball well because the can - Europe is ready to be set on fire and the Greeks know they can light the match ... this will lead to re-negotiation of better terms for themselves.
Greece is a lazy, stubborn, and foolish country and deserves to be kicked out of the Euro. Whether it's a business or a country, one cannot be complacent for an extended period of time in a global economy and still expect continued success. Greece is fine for the moment but will not be able to repay the debt and will become insolvent in the very near future. And I say all of this and I'm Greek!
C'mon people...wake up over there! There's more to life than spending money and trying to show off to everyone!
Remember Germany trying to get everyone else on board in March 2010 telling them all to buy the Greek Sovereign Debt?
That was so Germany could reduce exposure of their own Greek debt in the euphoric confusion.
I had this talk with Christian Menegatti, Managing Director of Research for Roubini Global Economics. on the phone while in New York, in March of 2010 after being invited to a Roundtable Event.
Syriza will get their way, and Germany will be exposed for the international fraud they are.