I love Europe, the land where rules are made to be broken…No deal on Greece and likely no deal until September? No problem, the IMF will dole out their next tranche of rescue cash as planned….
The every changing rules and targets and benchmarks are the reason the market is losing faith in the euro.
Look no further than Ireland, where we’ve been assured time and again that senior bondholders in Anglo Irish and Irish Nationwide would be made whole (putting the logic of that move aside). All change…Yesterday, the Irish FM went to the IMF to make his case for stiffing those bondholders despite protests from the ECB.
So there we are…miles away from a solution with no real solution in sight.
Sellers are seen on rallies now to 1.4150…