Friday, June 17, 2011

Why Greece is not Lehman 2.0

The Blame Game © fintag

News comments:
Greece is being called the new Lehman.

There are similarities. Lehman was in denial as to its over indebted balance sheet and Greece is too. Lehman had the Fed as its lender of last resort. Greece has the ECB as its lender of last resort. The Fed said no and the ECB may do the same.

The difference here is the ECB is bankrupt and the Germans and French have to save Greece because its banks are indebted to Greece big time.

The media may want Greece to crash but it wont. If it does I will eat my shoes. Again.

Today's shorts:
A cheap vacation (lonely planet)

Today's longs:
Germans agree to bail out Greece (reuters)

Gossip:
Greece to sell its people.



3 comments:

Anonymous said...

You wait and wait for a cartoon...and then..

Anonymous said...

Fin - your June 3rd short that US unemployment moves toward 10% via the Telegraph was wrong but your Run on Greek Banks Inevitable (afp) was right it just took until June 27.

Leonardo said...

are you on holidays in the Caribbean, Polynesia?