Credit spreads between Greek and German debt continue to widen out. Again, the liquidity risk inherent in EU debt vs. UK or US debt is not priced properly.
I have mentioned in other places that the EU model is fundamentally unstable, and with the periphery (both literally and figuratively) cracking, the experiment will likely fail.
During times of economic stress, local interests prevail. Its simple human behavior: in times of scarcity, luxuries (world peace, environmentalism, etc.) are abandoned and necessities that are not in plain sight are ignored.
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