Hey folk
Europe themselves are in a real bad shape. Would Greek default?? No idea. But we all know they are in real bad shape. My take is eventually they will unless some miracle happen. Greek credit default swap have raise drastically. The highest in history. Their bonds is at 57% yield.
EU is form in the first place not for economy progress but more of a political reason and stability. 17 countries using the same currency, but with different central banks, giving out different bonds may be a dangerous game to play.
ECB last week have pump dollar into their banking system, which is never their job to do such things. Italy have call China to buy their bonds. A key person in the ECB have resign. All these signs are not very promising.
Germany the highest GDP in EU have some growth problem. France the 2nd largest GDP in EU have their top banks rating cut by Moody.
EU A region with extreme rich in history and culture now suffer shock. I hope that EU do not break up, if they do the world will be in much unstable.
