… and France’s and Germany’s risky postponment gamble.
Excerpt:
“The markets are fully aware that Greece, being insolvent, will eventually default. That’s why the interest rate on Greek three-year government debt recently soared past 100% and the yield on ten-year bonds is 22%, implying that a € 100 principal payable in ten years is worth less than € 14 today.”
My comment: the best analysis of the current situation by the economist that clearly saw the future consequences of the euro as soon as projected, in 1992.
The complete post is well worth reading, here .
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