http://www.bloomberg.com/news/2011-06-16/greece-ireland-portugal-lead-sovereign-credit-default-swaps-to-records.html
Here is what I think will happen: Greece will pretend to agree to austerity measures, the IMF and EU will bail them out again (which really isn't that expensive, I just saw a price tag of $17 billion), and they will kick the can down the road for another year. And the default swap insurers will make out like bandits - for now.
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