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Wednesday, April 7, 2010

Trojan horse

Recall what I said last month.

Today, the yields have reached a new high and it will become harder and harder for Greece to withstand the pressure of their debt.

As I said on previous occasions the market is telling that sooner or later Greece will default on its debt. And unlike most economists or Greek politicians blaming speculators for the plunge of their government bonds, I don't like to go against the market collective will.

Even last week, when Greece auctioned 1 Billion, they failed to issue all the debt since the demand stood only at 400 Million or so.
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