I think that is how we can sum up the Greek debt saga. The problem is not over, it has just morphed into a kinder, gentler publicly owned version, rather than that ruthless privately owned flavor.
We’ve not heard the last of Greece as its debt is still unsustainably high growth will be negative to nonexistent for as far as the eye can see.
And that ignores the bubbling trouble in Portugal, Spain, Ireland and even Holland.
Near-term, there is minor support in the low 1.3230s. Better support is at the 1.3096 low put in place on Wednesday. Sell stops are eyed in the 1.3090 area. Offers are bounces are up in the 1.3170/90 zone.
