Tuesday, June 21, 2011

Confidence Means Nothing

The recently (barely) successful vote of confidence in the Prime Minister of Greece means nothing. Greece will default. What cannot be paid back will not be paid back. Next up: Ireland, Italy, Spain, Portugal, and maybe the USA? The only question is: how much deeper will they dig the hole before the sides cave in and default is the obviously-only answer?

There is a 0.002% chance that the global economy will pick up enough to inflate the Eurozone out of its current mess. I hold not my breath in anticipation of this.

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