Come on!? How freaking hard is this?
After everything, how can you possibly have your head so far in the sand that you could believe Greece is the only thing holding the euro back? What in the last 3 years makes you think the problem is a tiny, insignificant cluster of islands practically in Eastern Europe!?!
You want to know why the euro is screwed? Go back to my previous writings on the subject. Look at the numbers I laid out for you. See the trillions of euros in debt that’s maturing, even as I write this.
GREECE LEAVING THE EURO DOES NOT MATERIALLY IMPACT $3 TRILLION IN SHORT TERM MATURITIES
God, I feel like there is no font large enough to bash into your eyes. But I’ll try just one more:
GREECE IS NOT THE F – U – C – K – I – N – G PROBLEM
I would have thought that obvious before now, with all the fire popping up in Spain and Italy and Portugal and Ireland, and a half dozen other irrelevant EU countries no one’s ever heard of. But apparently, it’s pretty goddamn difficult a thing to grasp.
The best you can hope for, in terms of the euro, is a monumental rally as the egregious short position that’s been growing against it gets mulched into a thousand pieces. That would spark quite a fierce rally.
But that doesn’t have shit to do with Greece leaving.
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As much as I hate the bow tie, I feel like Rogers was right about Greece from the beginning.
They are going to leave and kicking them out a year or two ago would have sent a serious message that the core of the EU is serious about trying to keep some sort of stable unity together. After a possible initial shock, it would have kicked the can way harder than LTRO ever did. GDP the size of Philly was never going to sink us back into recession, regardless of what JPM and their 400 billion figure would like us to believe.
They have had many options from the beginning. Political union, dissolving the experiment entirely, kicking out the countries that don’t belong or trying to hold on to what they had. They chose the most unrealistic scenario. And now we have bigger issues all the while having never solved the first.