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Here’s my understanding of the Greece bailout plan that was passed today. It’s nearly $1 trillion. It should stabilize Greece for now – credit default swaps on Greek debt tumbled on the news – though from Greece’s perspective, it’s hard to see how this is anything more than “kicking the can down the road”, as […]
When the hammer comes down on Europe’s sovereign debt mess, it’s going to be a real doozy. Check out this chart the New York Times ran which illustrates who owes who money in Europe. It’s a complete mess! The best part is that not only do the PIIGS all owe each other a lot of […]
The great Milton Friedman famously predicted in 1999 that Europe would not survive it’s first economic crisis – it’s looking more and more like Uncle Milt is going to be right on the money. The debt ratings of the PIIGS are going down faster than a stack of dominoes, with Spain being the latest Club […]
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