The on again, off again agreement between Greece and its creditors, five months in the making, today stands at yet another impasse. The country’s bailout agreement expires on Tuesday and it must repay €1.5 billion owed to the International Monetary Fund—monies it does not have. Still, Athens is reluctant to sign on for more austerity, perhaps hoping to wrest last minute concessions.
Read more about The Spry Expansion 06-25-15
It’s time to sell one of our drone plays, which has run up strongly in the last two weeks on no news.
With still no bailout deal in hand, Greece is on the verge of collapse. Regardless of how events shake out, however, there’s good reason to believe they will not have a big impact on U.S. markets. This idea is strongly supported by a contrarian indicator we examine in the issue, which forecasts above-average returns in stocks in the coming months. Read more about Heavy Lifting 06-19-15
Seemingly every market commentator, analyst, and certainly every European banker has Greece on the brain, much like a pop song you just can’t get out of your head. But whereas the pop song can be only a bit annoying, Greece has serious implications for the global economy and markets. Fortunately, people are whistling a happier tune today than just a few days ago.
As we’ve discussed recently, Greece’s EU partners are loathe to let the country be first to exit the monetary union.