The overnight markets were all giddy about the notion that Greece will be saved for the umpteenth time. I have a set of questions: How can it possibly matter?
What about Ireland?
What about Portugal?
What happens when Spain needs a bailout?
What happens if the markets lose confidence in Italian debt?
Further problems in Ireland, Portugal, Spain, and Italy are all highly likely, and the first three are a given. So does, it matter that Greece is saved?
By the way, IS Greece saved? How many times can a country be saved?
In case you missed it on this long holiday weekend, please consider Europe at the Abyss; US Housing in the Abyss; Who is to Blame? for a look at structural problems facing Europe and the US and who is to blame for them.
Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
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