Greece's debt window is slowly closing. Smart money has no interest buying long-term Greek debt backed by an economy shacked by austerity and socialism. Greece remains locked in a vicious cycle in which austerity reduces economic activity and future tax revenues to support repayment. This will raise social tensions not only in Greece but also EU members providing a bailout to a sinking ship.
While the Euro and U.S. dollar react violently to this to the daily drama, their long-term bearish (mark down) and bullish (mark up) trends remain in tact. These trends will reassert themselves when the invisible hand is ready.
Headline: Prepare for Greek 'state of emergency', says German EU commissioner
BERLIN (Reuters) - The European Union needs to start making plans for a "state of emergency" in Greece from July 1 if Athens fails to reach an agreement with its creditors, Germany's EU Commissioner Guenther Oettinger said on Monday in Berlin.
In remarks to reporters before a meeting of Chancellor Angela Merkel's Christian Democratic party (CDU), Oettinger said it was time to make concrete preparations for a crisis in Greece if no deal is reached, Greece defaults and exits the euro zone.
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