It augers well for Greece that their new Prime Minister, Mr. Lukas Papademos, has an overwhelming
majority support in Parliament.
I am glad to note the yield on the Greek bonds is starting to come down, albeit not fast enough....
in anybody's view! The 10-Year Bonds at 28-plus percent are just not for real. At 7-percent
they needed a bailout. At 28-percent, it is a crucifiction. It is just so unreal, how can people
expect to collect on it? Maybe, if investors' capital is guaranteed, and a long-haircut given to
the debt interest, Greece will be able to function again financially, and the whole Eurozone and the
world will sigh a huge sigh of relief.....
Interest rate is a key component, so it is very natural this should be sorted out.
Till my next blog.