grexit Archive

Greece reading IOU’s to pay public sector workers

Yes, this is viable operationally, as it going back to drachma. However, there’s a lot that can go wrong, as demonstrated by prior episodes of inflation, high interest rates, high unemployment, and currency depreciation. Not to mention the temptation of the channels of mass corruption also too often employed in the past ...Read More

existing home sales, Greece and China comments

So after cheering the big jump last month to 112.4, it gets revised down to only 111.6, so the lower than expected print of 112.6 vs 113 expected is now hailed as a larger than expected increase from last month, as the shameless cheer leading continues: United States : Pending Home Sales ...Read More