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Strategies & Market Trends : Heinz Blasnik- Views You Can Use

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From: Eva	12/15/2011 2:16:39 PM
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updates -- trotsky, 10:35:23 12/15/11 Thu [1] 1. The Greek Tragedy - A Hopeless Case? That Greece is in major trouble would be an understatement. The IMF has just noticed that Greece once again failed to meet its targets as per the austerity plan. Perhaps the IMF's envoy should have studied a recent OECD report on Greece - the country has been suffocated by its inefficient bureaucracy with its jungle of intricate rules and decrees. The apparatus of the Greek state is simply incapable of implementing anything at all. In one of the great ironies of this process, the IMF notices that it might actually be a bad idea to raise taxes further in an economy in depression. You don't say. What Greece needs is a light at the end of the tunnel - and only a vigorous campaign of cutting government spending coupled with free market oriented reforms can provide that. Includes charts of recent economic data of Greece. acting-man.com 2. Italy's Bond Market Still Under Pressure, Merkel's Government Coalition Wobbles On Wednesday, Italy had another disastrous bond auction and was forced to pay a new high in 5 year yields since it adopted the euro. Unfortunately for Italy, its debt rollovers are frontloaded into 2012. Next year therefore promises to be 'interesting', in the Chinese curse sense. Meanwhile, over in Germany, the governing coalition is suddenly faced with the growing prospect that its junior partner will break apart over an internal rift regarding the euro rescue measures. If this happens and new elections are called, Germany's left will gain power. The only party in Germany that stood for lower taxes and more economic freedom made a deadly mistake when it got into bed with Merkel's etatiste party in exchange for a taste of power. Includes complete chart update (CDS, yields, basis swaps) - the charts continue to look atrocious. The Markit SovX is right back at its all time high and euro basis swaps have made a full round-trip following the bounce on coordinated central bank action in swap lines. acting-man.com

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