Thursday, July 9, 2015


Or so it would appear.  It is reported that Greece submitted a real plan to the Euros this evening and will submit the same to parliament tomorrow, fulfilling a major request that the proposal have the support of the full government.

Angie got jumped on by her fellow heads-of-state as well as Il Duce (although to a certainly unknown effect) and indicated that she was prepared to accept some form of relief but not a "hair cut" which is the happy-face term for debt reduction.  Look for a stretching out of maturities and new money to pay off the IMF and the ECB.

Mario is layin' low, probably not liking what he is seeing but happy that he is not going to be the guy who pulls the trigger on the Greeks.  He's already worrying about Spain et al, if this turns out being categorized as a capitulation by the EU.  I think great care will be taken to make sure that everybody turns out looking like a loser if in fact agreement is reached.

This is as it should be.  It also begs the question of what the hell Greece was doing in the EU in the first place and whether the future portents a Grexit at some point but in a far more orderly manner.  In the meantime, however, everybody looked into the abyss and apparently didn't like what they saw.  The Yogi-man still rules: it ain't over til' it's over but the manner in which the scenario has played out (as I predicted--sorry, couldn't resist) seems to indicate that an agreement will be reached.  Sunday can't come soon enough.

The Triplet Grand-kids and big sis arrive this evening.  It is their eighth birthday and for three little souls who at birth had a really lousy shot at making it much less showing the normalcy of their age at this stage it is a joyous time.  I therefore announce that I no longer give a damn about Greece and the EU until next Monday, but if you want excitement, keep an eye on China.  Shanghai was up 8% today but people who know about that place tell me the leadership does not yet have a handle on this and there are about 200,000,000 very teed-off, middle class Chinese.  The Yuan as a reserve currency? Perhaps not just yet.  I'm off playing eight year old!  

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