April 15, 2014

Good Irish vs. Bad Greeks?

Fintan O'Toole, Irish Times

The Associated Press

Last week, a funny thing happened on the way to the Acropolis. The bad, reckless Greeks, the mad shower who had defaulted on €100 billion of debt, went back into those markets, looking to raise a modest €3 billion. What happened? They were nearly trampled in the frantic rush to give them money. Investors offered Greece not €3 billion but €20 billion – at a relatively low rate of 4.5 per cent. It turns out that the markets don’t really care about the Greek default. They care about future profits and ever since ECB president Mario Draghi promised to do “whatever it takes” to save the euro, they have been confident their money is safe – even though Greece is still in desperate trouble.

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TAGGED: Greece, Ireland, Eurozone

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