Constable: Greeks Still Face Uphill Struggle

NIGHTLY BUSINESS REPORT MARCH 15


SEE THE VIDEO HERE.

TODAY GREECE GOT A BIG NOD FOR ITS LATEST BAILOUT.
THE INTERNATIONAL MONETARY FUND APPROVED ITS PART OF A 130 BILLION
EURO LOAN, THE BULK OF WHICH IS COMING FROM THE EUROPEAN UNION.

SO IS GRRECE OUT OF THE WOODS AND CAN WE REST EASY THAT THE CRISIS
WON’T RETURN TO GIVE THE MARKETS THE JITTERS AGAIN?

WELL IN A WORD – NO

EVEN THE IMF SAYS SO.

“THERE IS NO WIGGLE ROOM ON THE GREEK ECONOMIC PORGRAM,” IMF STAFF WARN.

WHAT THAT MEANS IN ENGLISH IS THAT GREECE IS STILL BROKE AND ITS
GOVERNMENT IS GOING TO HAVE TO REALLY KNUCKLE DOWN WITH IMPLEMENTING
ITS SPENDING CUTS

ADD TO THAT SOCIAL PROBLEMS WE KEEP SEEING ACROSS THE ADRIATIC COUNTRY
AND ITS NOT DIFFICULT TO ENVISION THE CRISIS RETURNING IN SHORT ORDER
AND WITH IT A POSSIBLE SCARY RIDE FOR THE US STOCK MARKET. That’s WHAT
MOST OBSERVERS ARE SAYING, BUT I’D GO FURTHER AND SAY THERE IS STILL A
BIG CHANCE GREECE LEAVES THE EURO, THE SINGLE EUROPEAN CURRENCY.

AND BELIEVE ME WHEN THAT HAPPENS INVESTORS WILL HAVE FEW PLACES TO HIDE

I’M SIMON CONSTABLE FOR THE WALL STREET JOURNAL
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