Inflation in Europe. Greece is selling new government bonds, 5-year bonds paying a yield under 5%. Surely, this is counterfeit credit. Surely, these bonds represent a fraudulent promise to pay that can never--and therefore will never--be honored. One can only guess that the European Central Bank and/or the International Monetary Fund made some sort of assurances to bond buyers, behind closed doors. Without central bank support, without the promise of a bailout, who would pour their own money (or their clients money) into this toxic waste?
Posted on: Thu, 10 Apr 2014 14:08:29 +0000
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