I see the thread has sadly continued as before... To briefly put some facts next to the apocalyptic fictions being thrown about consider this article
In short:
- Greek economy is ~$310bn. (Australia is ~$920bn)
- German economy is ~$3.5tr.
- German direct exposure to Greece is ~$30bn according to this article
- Ratings agency Fitch says German banks could absorb a Greek bond write-down in recurring earnings.
- A default doesn't mean all bets are off, Greece will likely have debts reduced by half in worst case.
By all means disagree, but please lets see real facts, data and references. Unfounded stories of doom and regurgitation of hysteria helps no one.
p.s. Does anyone notice the gold price? DOW drops 300pts, gold broke trend and has also dropped. I've not seen this explained anywhere, possible bounce indication?
Finally another Chief Economist has joined the bulls, Warren Hogan of ANZ has a strongly upbeat assessment, interview on ABC here
