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The ultimate Greek Opa

7/6/2015
By Charles Payne, CEO & Principal Analyst

Its seems like déjà vu with another roller coaster ride in the market due to the latest from Greece. I never thought it would come to this, but Greece did it.....61% voted 'No'  in Sunday's austerity referendum. It’s the antithesis of logic; perhaps it’s a winning strategy, and maybe it is a great test. The banks have been closed since June 28 and are expected to remain that way till Thursday. ATM withdrawls are limited to €60.  However, in a matter of hours, the people of Greece may know about medical shortages, food shortages, and empty ATM machines. For now, they just know a form of national pride that is awkward in the sense where it seems completely misplaced. The country borrowed billions to live a life of comfort and contentment and now they simply don’t want to repay.

So, now what happens to Greece?  How does it survive? Do they get a restructure of the billions in debt, do they get relief, do they leave the EU?  All remains to be seen, and an exit seems more likely than ever.

The human toll has been immense; we are talking about one of the most – spirited, fun- loving nations on this planet; Greece has lost its spirit and will.

Stocks rebounded to a certain degree, but for the most part, anxiety is still elevated. This is the most amazing economic-suicide mission I have ever witnessed and it’s being played out on the world stage.

 

 

 

 

Charles Payne
Wall Street Strategies


 

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