My Five Drachmas’ Worth
The Drachma, I mean drama, of Greece continues. Even though the country accounts for only 2% of the Eurozone’s GDP, the Euro Currency Unit continues to flail up and down as traders try to get a handle of the situation. Losses some have taken in the currencies (stocks and bonds too) are taking on tragic proportions which would make Sophocles proud. This writer has been flat in the Euro and greenback in the last few weeks (Exiting long Euro while the getting was good), but am under some pressure in the long Australian Dollar.
In spite of possible overtures from China and Russia to bail out Greece (Threatening the NATO alliance), the ECB cannot give Athens preferential treatment. To do so would be a disaster; Italy, Ireland, Cypress, Portugal and Spain would be up in arms in that they embraced austerity measures.
Long story, short (pun not intended), am sticking to my guns on long term bearish outlook on the Buck.
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