Who says you can't learn a thing or two from the classics? The Greeks and the Euros pulled one off yesterday that should be a lesson to us all. The Greeks raised 5 Billion Euros for ten years. They paid up for it to be sure but the issue was well bid to the tune of 3x coverage. Hell of a job.
Does this means there has been a fundamental shift in the Greek financial situation? As I have said no one expects the Greeks to stick to the financial package outlined the other day but what everybody does believe is that the Eu will not let them go under. More importantly, the EU didn't even have to say that; they, as i suggested the role to be for central bankers, were seen but not heard. The markets, however, got the message. It was professionally and beautifully done.
So they have now bought time and time is very important. Focus can now shift to the other problem areas and the financial institutions have gained valuable space to deal with their balance sheets. As I said, hell of a job
Have a great weekend.
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