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50% write-off for Greece debt is conservative. They would have to write off 100% (entire debt) just for Greece total debt to be reduced by 50% and still have funds to recapitalise those gov. debt holdings of Greek banks themselves.
There was an article about this from the Financial Times to that effect too: ftalphaville.ft.com/blog/2011/10/14/702546/greek-haircuts-vs-greek-debt-cuts/
utubesqueeze 4 months ago
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utubesqueeze 4 months ago
All that corporate cash is useless if it's not being re-invested while at the same time having to suffer continuing earnings disappointments due to lack of demand and increasing unemployment of the US consumer.
However, it is possible that the oil price starts to fall and this combined with ANY progress in Europe could simply cause equity to remain range trading for at least another 6 months. After that, who knows .. e.g. economics of European crises could have fed through or simply gets worse.
utubesqueeze 4 months ago