Europe has bigger problems to deal with than Greece
On Friday, traders 'sold the fact' as the euro slid 40 pips after the rumours/announcement of the Greek loan extension. It's partly an indictment of the underlying malaise in Europe.
What irks me the most after the Greek drama is that the 'solution' is that leaders punted for another 4 months and it will be the same song-and-dance in June. It's been going on for 5 years and there were no steps to settle it today.
Look at the big picture. The eurozone is the second-biggest economy in the world. Governments deal in trillion-euro budgets and they're fighting over 7 billion euros in Greece. Political time and energy has a price and a value.
The eurozone needs major work, major cooperation and a major effort to restore growth. The time and energy that's spent in Greece is better spent elsewhere. It's a failure of management and leadership.
The effort spent on Greece in Europe is like the executives of Coca-Cola spending all their energy worrying about Diet Dr. Pepper sales. Either spend some money to fix it, or cut out the brand. There are bigger issues to deal with.
Fix Greece once and for all or cut it off.
