Apparently, responsible Greeks all voted YES. But had I been Greek I would have voted NO since the idea of being bossed around by Brussels is anathema to me. And so it has come to pass.
I have made the point before but do not apologise for repeating it: the EU lent a vast sum to kleptocrats, knowing that that is just what they were and no doubt remain. The EU now expects the man in the street in Greece to pay up. Only those who are besotted by the idea of the EU could be so unreasonable.
I had noted the emergence of the NO vote yesterday evening and entertained the idea that I would make a quick six figure sum on the opening today. Sadly, this has not come about. But I still think the Euro is a short.
Quite why gold stands virtually unchanged on last week is a mystery.
The Chinese market has come crashing down – the holders on margin have had to run. There is a school of thought that reckons that this break is a temporary affair. All I can tell ’em is: do grow up. The authorities tried to wangle it last night and, astonishingly, got the market up 8% on their opening. However it closed down 0.5%.
Finally, Avanti (AVN) this morning offer a trading update. Apparently, it now has less than one year’s cash to go. This could well cause the auditors to resist signing off the accounts on a going concern basis. I am still short at 200p.