Summer is on its way in Europe and the Politicians are nervous, and rightly so, they brought this whole shambolic state of affairs to where it is today. The people are getting very restless and summertime, with warm nights and long days, is perfect for aggressive uprisings.
Good. Maybe they will hold their politicians accountable. After the revolution, they can reinstall another national government, whose politicians will play the same game as before, while the people respond likewise.
It matters little. As far as I am concerned, we have just sat down after swigging a cocktail or two in the interval between acts of a Greek tragedy.
The fat lady has yet to sing but this means nothing to those realists in the Eurozone. The way they are bleating, Greece has been saved.
A little reality check, just so we all understand.
Banks owned most of the Greek debt and were coerced into saying yes whilst the minnow creditors have been bent over and royally given it in the derrier. A very unseemly way to conduct international finance.
The EU may have thrown a few more billion Euros at Greece to thank the pets they have in place there for losing their next election (which of course will ensure jobs at the top table for the inner circle) but the will of the markets will win, this is reality. They always do. Politicians will always think they can get the better of the markets, and they ALWAYS end up with egg, poached, scrambled or even fried all over their hawkish, self interested faces.
Want proof? Just look at the distressed junk yields (better known as Greek sovereign debt) at 20%+. This was after a surge to the dizzy heights of 40% last month, and having scaled down from there is now steadily rising once more.
Get the message loud and clear....Greece is bankrupt. It has defaulted. It will need another bail out in next 6 months. And it will leave the Euro. Then the trouble will really start.