spotfxtrader

With Greek two year paper ‘yielding’ 27%, the question of a Greek default is no longer a matter of ‘if’, but ‘when and in what form’. Minds are being focussed on what happens to the Euro area, and the Euro itself. Now that we know that the French banks (as signalled by Moody’s downgrade of Crédit Agricole, BNP Paribas and Société Générale) are on the hook for large chunks of Greek debt, the idea of wider contagion must be scaring the shit out of the imbecile euro politicians who have foisted this doomed experiment on the European people.

The question is who wants to be holding Euros while they sort the whole mess out…