That's the sound of a can getting kicked down the road, or as a pundit said today, "I think the IMF just blinked." And so, it appears Greece will get enough money to get them through the summer unless something really goes off-kilter. Of course, that will change absolutely nothing; it's just...well...kicking the can down the road. Greece cannot service this debt which everyone realizes but I guess this has to happen because the Euros simply have not come to grips with what has to be done and more importantly, how to do it. But there may be light at the end of the tunnel. I am told by a more or less reliable source that some of the thoughts expressed on these pages and similar suggestions are being placed before the ECB and the financial chiefs. Surprisingly, to me at least, it has been just recently that specific solutions are being reviewed. Now that's denial with a capital "D" if that story is correct. Let's hope it is.
On the home front, the realization and understanding of the true mess that Dodd/Frank has caused is finally beginning to sink in. The legislation demands that new rules concerning derivatives be in effect by next month but of course no one know how to write the damn things leading to the question of whether a derivative written after the effective date ungoverned by the absent rules mandated by the bill is legal and enforceable. How are those commodities contracts workin' for ya farmer Brown? We out here in the fly-over zone worry about those things even if Barney doesn't. How do we get into these situations.
Anyway, Trouble and Strife and I are headed out to the Left Coast on Monday for a real vacation involving family, school reunions and old friends. We are gone until the 29th. and I wont even pretend that I might be blogging from the road. Think of ol' Charlie from time to time and I hope you'll be here when we get back.
Peace.
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