Posted by: Tom Keene on June 17, 2011
I look forward to the weekend op-eds and research reports. Many will attempt to discern the path ahead for Europe’s investors in peripheral paper. Good Luck. One word lept out in all the coverage of Greece this morning: Voluntary.
I asked a number of the informed today what this means and to compare & contrast voluntary with mandatory. Mandatory means mandatory but voluntary…is a modest mystery. But that’s the way politicians want it. They volunteer to be fair, just, and postpone difficult decisions.
This voluntary Friday nudges the can inches down the road towards next week as witnessed buy EUR-CHF moving 1.22 to 1.19466 (gloom!) to a “voluntary” 1.21+.This, I voluntarily suggest, gets us to…Mandatory Monday. Discuss.