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Don’t read this if you think the Greek problem is solved

By   || February 13, 2012 at 18:57 GMT
|| 1 comment || Add comment

Because it ain’t even close, according to Citgroup’s chief economist.

The experience with the first Troika programme in Greece over the past 18 months has shown that a solution to the challenges Greece faces cannot be imposed from abroad. It would have to be supported by a broad coalition of the willing in Greece, of which there is little evidence. But until such a coalition materialises, Greece will at best live from review to review in the eurozone. Over the next few days and weeks, investors will undoubtedly greet signs of a greater likelihood of a final signing off on the 2nd bail-out agreement and a completion of the debt swap with minor relief rallies, while retreating at each sign of possible breakdown.

You’ve heard me make the point in bold thousands of times…We’re merely kicking a very dented can just a short way down the road…

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One Response to “Don’t read this if you think the Greek problem is solved”

  1. Matt K on February 13th, 2012 19:44 GMT

    My toe is starting to hurt…

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