This Greek thing is mildly comic with the dissembling Europhile liars out in full force. The fact is that the average Greek saw no point in paying off debts run up by the bent ministers of the past and, quite possibly, those to come. So he voted to get rid of the debt by refusing to pay it. That seems very sensible to me.
I came very close to this point of view after Gordon Brown was exposed for what he was – a feckless obsessive – with all his handiwork of deception and incompetence laid out around him. But once a nation elects not to pay its debts it has entered very sticky territory and therefore I am glad that we did not even think of going down that route. No end of a lesson though when deciding where to vote in a hundred days time.
I suppose the difference between current political lunacy in this country and that clocked up in Greece is that we know what our chaps are up to and that we elected them. Whereas the Greek government hired Goldman Sachs to advise on how to fiddle the Eurozone entry criteria and then got stuck into an outrageous personal theft programme.
The upshot of all this is that there is no hope of the Greeks paying and, that achieved, it takes very little persuasion elsewhere in the Eurozone for others to join the debt release bandwagon. It’ll be bad for the Euro.
Actually, I went long the Euro/USD on Friday since the hysteria seemed to have settled in excessively. So it was bit concerning to get the opportunity (I took it) to buy Euro/USD again earlier today at 1.1150. I closed at 1.1268 – for reasons readers already know.
****
I have also been topping up on Orosur (OMI) since there has been a staggering improvement in its costs and revenue. Off the top of my head it’s well over $6m p.a.
****
And ditto Oxus (OXS) at 2.35p. This is mainly a fidget trade but I’ll jump off Beachey Head if I miss out on the price quadrupling on the award announcement.
****
Finally, I see Birdman is 6/4 second favourite to win the Oscars best picture. I think the film should be retitled Birdbrain to reflect the leading character and to avoid prosecution under the Trades Descriptions Act. After each film that my wife and I attend she asks me How Many Points (out of ten)? It is rare to go below 7. But here I plumped for 2.5. If you doubt me see it yourself and prepare to yawn. An Oscar? Give me strength.