TraderWise

Basically, Greece is broke. The Greek politicians spent too much money. (Really? Who would’ve thought?) Aided by the wizards of Goldman Sachs, the monetary magicians managed to mask the Greek problem for 10 years or so. But now the solvency problem in Greece is too big to sweep under the rug.

Unlike in the past, the debt markets won’t just roll all that Greek debt over to some future time. No more kicking the can down the road for others to deal with. Beware of Greeks bearing gifts, right?