http://finance.yahoo.com/news/Europ...7.html?x=0&sec=topStories&pos=1&asset=&ccode= Euro is getting hammered. Everyone is dumping it. http://moneymorning.com/2010/04/08/greek-bonds/ This article written about 3 weeks ago said that the WSJ said that " if the euro goes below 1.32 (as many suspect it will) the currency probably is in line for a trouncing as the technical charts spur traders to join the euro-selling frenzy. " Today it broke 1.32 so it will be an interesting week to say the least.
"Greek Finance Minister George Papaconstantinou said the downgrade "does not reflect the real state of our economy, nor the fiscal situation, nor the ongoing negotiations which have the very realistic propects that they will be completed successfully in the next few days." Papaconstantinou said Greece will pull through." sounds like they won't.
lol...what was that they said a few months ago? "We need 30 billion euro" http://247wallst.com/2010/04/11/greece-gets-30-billion-euro-bailout-gift/ Then before the ink was dry... "Umm...we underestimated...now we need 80 billion euro. http://dalje.com/en-economy/german-bank-chief-says-greece-may-need-80-billion/302646
Europeans want a weaker euro. They would like it to be at parity with the dollar. Especially Germany's export driven economy. Why do you think Germany keeps resisting a bailout for Greece? They are using this negative news cycle to create weakness in the euro and lower borrowing costs. Look at Germany's 10 year, Its at 2.94 %.
good point but they will have to worry about contagion soon. So I suspect a bigger than expected pkg for Greece and assurances all around very soon.
When the Euro is soundly in a new lower range, due to the CNY, or other factors, then they will bail out greece. But not before the elite banking cartel gets what they want: a test case in forcing austerity measures for a sovereign state.
What does Germany have that it can export to the US and still beat the Chinese prices? Days of Europe exporting with both hands and legs to the US are long over. Another questions is why should Germany bail out the PIGS? Down the road they will ask for another bailout as corruption and inefficiencies are the few of the many reasons they are in the PIGS category.
"Greek Notes Gain as IMF, EU Move Closer to $158 Billion Aid BusinessWeek - Paul Dobson - ‎1 hour ago‎" have not read the article but the headline is clear enough