A Syriza election victory threatens default and disorderly exit from the euro for Greece. This would be a disaster for all. But done properly, the reintroduction of sovereign currencies within the eurozone would provide a bright new beginning
Of all the instabilities that concern international investors – from the plunging oil price to the collapsing rouble and the slowing Chinese economy, now fast transmogrifying into a systemic emerging market crisis – Greece is the one that bothers them least.
If you happen to be Greek, or are long of Greek bonds, the latest turn of events obviously matters a lot, but to the great bulk of the outside world it seems a contained and largely irrelevant problem, quite unlike the Greek meltdown of 2011/12 which brought the entire Eurozone close to collapse. It's yesterday's story, now eclipsed by the greater threat of mass retrenchment in emerging markets weighed low by excessive dollar debt.
Is the bottom really in? Could there be a final capitulation just ahead of us? Have you plenty of cash to take advantage of the coming bargain prices?
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