As the situation in Greece accelerates with the country announcing that it needs its bailout sooner rather than later, Dennis Gartman announces the death of modern Greek living in his newsletter.
With this bailout, Greece “shall soon come crashing to an end,” including the style of living most citizens are used to. Gone will be the lax workweeks – the antithesis of Germany, early retirements by public workers, and short workdays. This must become the way of life if Greece plans on getting its debt situation under control.
However, Gartman sees another issue on the horizon: the PIIGS. He notes that the PIIGS like Spain and Portugal must pay close attention to the situation in Greece as they will soon undergo similar change to curb their deficit problems, concluding:
“One gets the sense that panic, or near panic, is soon to be upon us. No matter how we try to paint this picture, or how hard we try to touch-up the old one, the picture is becoming more and more muddied. Pretty this is not.”
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