The Greek debt fallout
It took ten years for Troy to fall in Homer's telling of the Trojan War. The euro is roughly ten years old. Coincidence?
Greece, already laden with so much debt it can’t afford, has delayed its latest bond sale roadshow for US and Asian investors with no rescheduled date offered. Their sovereign debt problem has yet to improve.Skip to next paragraph
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Addison is editorial director of The Daily Reckoning and executive publisher of Agora Financial, LLC, a fiercely independent economic forecasting and financial research firm. He’s a three-time New York Times best-selling author whose work has been recognized by The New York Times Magazine, The Economist, Worth, The New York Times, The Washington Post, as well as major network news programs.
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A long hopeless-feeling struggle could remind you of Homer’s Trojan War. The Greeks spent ten long years failing to siege Troy before they decided to get creative. They erected a horse statue, pretended it was a gift, and used it to sneak enough soldiers inside to open the gates and ultimately destroy the city.
Curiously, the euro became an accounting currency about ten years ago… perhaps it’s a theme destined to repeat.
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