5:20 AM An EU-IMF report at the EU summit in Brussels warns that without a default, Greece's debt crisis could use the eurozone's entire €440B rescue fund on its own, The Daily Telegraph reports. Christine Lagarde adds that the IMF is no longer willing to participate in the country's bailout unless banks are prepared to write off 50% of their Greek debt
I have tried to post for months. This situation of jumping from headline to headling is causing a fantastic Bear maket rally ,but, please take care.
What ever the Europe clowns do .It is a bandaid and the US an Europe are on a cliff.
Listen to Ms Lagarde ! Compare it to JCT's coments about breaking the 20% haircut Aug agreement.
This SA flash says SO MUCH in just a few lines.
Greece's default is done. It is not part of the equation and if it does take the 440 billion, then backstopping the banks can't be done. This 2 trillion # touted will just cover things ,but, the economy won't support that money being paid back. This is a house of cards and if you think that US companies will be immune your not thinking clearly. IMF is clear an G20 too. No proof of the payback and IMF won't shell out a dime ! They are a PROFIT organization,so, if the G20 boosts their bank account the IMF won't loan it !
For us in the US. The real key is US debt ! Most are only thinking US Gov. debt ,but, personel debt is larger and the housing piggy baks have been maxed or overdrawn. Student loan amounts are larger than credit card balances and the default rate is skyrocketing an bankrupsy proof ! Misery index at all time highs and unemployment will rise... Open the eyes and don't let 12% moves on indexs fool you !
Enjoy this beautiful bear market rally and get a high % to cash soon !
And, not US dollar cash. Go to any commidity based currency or Yuan ! LUCK,gb