The WSJ writes in Waking Up to Greece’s Default Position :
Last week saw real progress in reaching a solution to the Greek, Portuguese and Irish debt crises. It is now recognized that these countries can never, ever, repay their debts, certainly not on time, and more than likely not in full. A default by any other name is a default.
Mish writes in his blog:
Note that Roubini’s timeline is 5-10 years. The ECB an EU expect Greece to return to the dent markets by 2013.
Structural reforms or not, Greece will not pay back its debt in two years, nor will Greece return to a healthy bond market in two years.
Greece will default.
A few days ago I revisited the EUR/USD chart among other things:
… and the seemingly most hated currency in the world has also remained within it’s long term trading range, and it may be possible that once again it will show some significant strength for the months to come:
That possibility seems more and more likely at this point …