Wednesday, May 19, 2010

Was Uncle Milton right about the EU? (II)

His famous prediction that the Euro would not survive its first recession is looking pretty good:
In a worst-case scenario, the ECB will exhaust its cash, credit and credibility trying to save Greece…and will destroy the euro in the process. Best case, the “fix” will persuade a few Wall Street strategists that the “worst of the euro crisis is over” and will suck a few more suckers into the European sovereign debt markets before the situation gets REALLY ugly.

And it will get ugly…one way or another.

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