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Strategies & Market Trends : The Residential Real Estate Post-Crash Index-Moderated
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To: Les H who wrote (26854)6/24/2011 12:45:58 PM
From: Les H  Read Replies (1) of 119360
 
A Depression in Greece?
In the latest Duke/CFO Global Business Outlook Survey, Europe's finance chiefs say austerity programs could hobble European economies.
Kate O'Sullivan, CFO.com

Campbell Harvey, professor of international finance at Duke's Fuqua School of Business, says depression in Greece is a near certainty. "Greece will go into an economic depression," he predicts. "With a free-floating currency, there is an automatic adjustment mechanism — devaluation. With a currency union, there is no such mechanism, and the only alternative is austerity and wage cuts."

Where does Greece go from here? Without additional external financial aid, the country will default within a year, according to 80% of European CFOs. And if Greece defaults, a majority say it is somewhat likely that Spain would then require a bailout as well, due to the spillover of concern about its Mediterranean neighbor. A majority of European finance chiefs say policymakers should opt for a restructuring and impose a haircut on Greek debt holders, while 32% say they should delay restructuring and inject more cash into Greece.

cfo.com

U.S. Taxpayer's Share of Greek Debt
Friday, June 24, 2011
by Andy Waldock of Commodity & Derivative Advisors

insidefutures.com
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