AUTOREFRESH 
Greece: Failure to decide of debt support will be crucial for the euro’s future
By Jamie Coleman || March 17, 2010 at 17:01 GMT
|| 5 comments || Add comment
Reuters is running a headline from the Greek deputy finance minister saying that the EU’s failure to decide on a a debt support mechanism will be crucial for the euro’s future.
The EU has kicked the can down the road for another month or tow and the market will gloss over Greece until they come to market for more bond dales. If those sales go poorly, the EUR/USD will come under renewed pressure. If they go well, the market will turn to other issues.
EUR/USD is ignoring the comments, trading at 1.3760.
But not EURCHF, trading at it’s lower low…
Worth mentioning that 50d MA on Eur Usd is now just 100 pips away. Looking at multi year charts one can see it usually sets the trend direction and also it is a good point to enter in the direction of the existing trend.
The inside baseball stuff for the EU must be simply gobstopping. One the one hand, you have a Greek PM (Papandreou) who’s father was implicated in the Bank of Crete scandal whereby Greece was looted… http://www.time.com/time/magazine/article/0,9171,1101890313-151390,00.html and on the other hand, at the middle of the, i guess one might call it eu proper, you have a french pm who has been accused by a former french pm of bribes and kickbacks.http://www.guardian.co.uk/world/2010/jan/28/france (Bribes of course were legal and tax deductible in France until 2000, and the mess in Angola captures the essence of the endemic corruption.) Sarkozy declared his wealth as 2 million euros. Some think he got more than that just on the latest arms deal of assault submarines to the Russians… Europe – with its dodgy entitled aristocrats – is a sordid mess.
In Europe they call em aristocrats, in the US theyre called senators….
Listening to the European politicians one would believe that George and Laura Bush were Adam and Eve and that the global financial crisis was the world’s original financial sin. I can’t shake the image of Papandreou being interviewed by Charlie Rose, he came across as so solid, so trustworthy. He’s a good front man, that’s for sure. But, hey, if you think that politics and business is as corrupt in America as it is in Europe and Russia, well, everyone is entitled to their opinion- that’s what makes a market.