Monday, May 7, 2012


...with nary a surprise I might add.  Hollande won but with a rather small margin which may give him pause and the Greeks, always emraptured by craziness in politics dramatically improved the lot of the Communists  and the neo Nazis leaving the middle without the ability to form a colalition government meaning that we will have to do the whole thing over again in a couple of months.  Where's Plato when you need him.  Nevertheless the markets shrugged this off as Greece has not been considered long for Euroland in the first place and this just means that the northerners can immediately begin discussions as to the easiest way to get them out before it costs even more money.  Well, at least all the players know one another at this stage which means things might go a bit quicker this time around.  It also means that the Hedge fund guys who refused to join the restructuring of Greek debt may begin to wonder for a Greece running on Drachmas has certainly no incentive to play nice with these guys in the future.  Oh well, you win some, you lose some...and some get rained out.

As for the French, who knows.  I really think the question that needs to be answered is whether Hollande wanted to win as a socialist politician or as a committed socialist.  lets wair until tomorrow for his first statement before we start talking about that.

The real story today is what happened in the Spanish banking sector which will also take another day of assessment.   Be here tomorrow.

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