..for words that is. This afternoon, CNBC ran a rather long piece on Greece. I'll be kind and not identify the participants but they were dangerously uninformed and unknowledgeable as to this particular situatiobn and soverign debt in general. The near-conclusion was that Greece was a Lehman Brothers in the making.
That could very well be a self-fulfilling prophecy unless the station examines its reporting and follows up with someone who knows what in the hell he or she is speaking about. This situation can be fixed as readers of this space will understand but not by spreading panic when none is required. It really was disgraceful.
There is another misconception floating about. If this goes badly there are some who believe that we on this side of the pond have little about which to be concerned. Said a banker in the City late last night, "My friend, if these fools let it hit the fan no bloody ocean will keep you from being sprayed." Sound advice. Let's wait until tomorrow to see where this is headed.
Great headline this morning on Eurointelligence: "The IMF blinked first: Greece will not default this month"
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