Grexit and tommorow

[easyrider Senior Member Find all posts View Profile Close easyrider]

Maybe the plunge protection team will be able to slow the oxi vote market plunge down. The banks have had plenty of time to figure out how to dodge this somewhat is what I expect.

http://money.cnn.com/data/premarket/


Then there are the fund managers saying this should have not have gone this far. Not expecting a no vote.

http://www.bloomberg.com/news/articl...s-on-greek-no-

“The market right now hasn’t priced in a potential ‘no’ vote,” said David Joy, the Boston-based chief market strategist at Ameriprise Financial Inc., which oversees $815 billion. “If we get one, we’re going to see another round of downside volatility in excess of what we saw on Monday. The move would be more violent.”

[Carolinian Super Moderator Find all posts View Profile Close Carolinian]

A lot of the problem is that those at the top on both sides are looking at this issue from a political rather than economic perspective. When the euro was first created The Economist magazine described the euro as ''a political project with economic consequences''. The Greek mess is just one of those economic consequences. The EU refuses to face economic reality due to their political drive to save the euro, in spite of the economic harm the euro is causing all around Europe. Greece refuses to face economic reality in any sense whatsoever.

If Greece had returned to its own national currency when this mess started, they could have devalued, sucked up a little pain, and by now be well on their way to recovery. Instead there is a whole lot more pain to go around for everyone.