Today's Coming Crisis Movie

Monday, March 5, 2012

Resetting the debt mountain

The euro crisis is still hot. There are riots on the streets of Athens. No part of the political progress is happening without hysterics and plot twists.

Yet this is all a side show. The latest Greek bail-out agreement may have gone into the wee small hours, yet it was a non-event as far as the currency markets were concerned.

It seems intuitively wrong and, in a way heartless to say this, but the evidence is obvious and conclusive -the euro hasn’t budged for weeks.

Whether China is supporting the euro or not, and despite historic cinemas getting torched in Greece, the euro is still stable. Read More