This morning, analyst Dennis Gartman turns his attention to Europe and more particularly, Greece.
Despite headlines of Goldman Sachs dominating the news as of late, one must not forget the importance that a Greek bailout plays in international markets. The PIIGS are discussed and Mr. Gartman notes that the immediate problem of Greece will eventually be fixed, we still have a “very, very long while into the future” before any of these PIIGS get themselves straightened out.
Says Gartman: The problems are made evident by the comments supposedly made by Mr. Axel Weber… formerly of the Bundesbank…and now of the Governing Council of the ECB and the gentleman most often expected to replace Mr. Trichet when the latter stands down later this year… that Greece shall need €80 billion (approximately $108 billion) in direct aid soon to avoid default on its debt obligation.
In other words, the Euro is toast, Germany is pissed off, and this is going to become a recurring theme over the next decade.
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