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Archive of entries posted on November 2011

A bounce today on another rumor. Long-term the problem worsens. While they fiddle, Rome and Athens burn.

ON Monday Greece announces it is leaving the euro. It will replace Euros with drachma at the rate of one new drachma for one old Euro. ON Tuesday the drachma drops 40% to 60 euro cents. The Greek government is happy. It’s much cheaper to repay its bonds. Tourists are visiting the country in droves, […]