Greece: Going to go bust or not?

[Pres]

EU to Set Up Fund to Prevent Spread of Greek Crisis
http://www.bloomberg.com/apps/news?pid= ... E7uc&pos=1

(Monday they're supposed to announce everything they're going to do, before the markets open)

[MediumTex]

EU to Set Up Fund to Prevent Spread of Greek Crisis
http://www.bloomberg.com/apps/news?pid= ... E7uc&pos=1

(Monday they're supposed to announce everything they're going to do, before the markets open)

They ought to find "Baghdad Bob" and hire him to be the EU spokeperson.

Remember in Superman II when Superman lost his powers?  That's what these politicians remind me of when they talk about what they are going to do to "fix" markets.

It's ironic to hear politicians talk about "restoring confidence" when it is their own bone-headed policies which destroyed confidence in the first place. 

All of this turmoil also reminds me of the saying that "crisis is the friend of the state."

[6 Iron]

I never cease to be amazed at the market. A nearly 1 trillion dollar bailout package to shore up the Euro, and the PIIGS, with money that does not exist beyond the creation of debt obligations, is greeted by Wall Street with a 400 point, nearly 4% increase in the Dow. This is why I have a permanent portfolio. Where does this confidence come from, and who can dream of being able to predict it?

http://online.wsj.com/article/SB1000142 ... NewsBucket

[craigr]

Yep. What we think will happen and what does happen are two different things.

[Plurimus]

I voted yes, because of recent bloomberg article

Greek credit swaps imply the country has a 47 percent probability of default within the next five years and that the European Union’s $1 trillion aid package has done little to ease investor concerns.
The contracts now cost 46 percent more since the day of the bailout.