When the news hit yesterday that Syriza would not lead a new Greek coalition government, Asian stocks and US index futures rallied. But, as I type, the Dow's in the red. Go figure?
So how is it that last week, when Syriza looked to be a serious threat, stocks rallied? If you followed the news releases you knew it was all about central banks readying themselves to churn out little portraits of dead politicians by the crateful. Now that the fear has abated, the printing presses are back on standby.
As for Greece; 'a mess' doesn't nearly describe their system, their economy or their attitude. The can just got kicked, or let's say nudged. For I don't suspect that there's yet another opportunity to bridge the chasm they're seeing in the not too distant distance.
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