Greek out?

Just saw this little snippet begin to spread across the Forex world;

Due to the possible exit of Greece from the European Union, we would like to inform you that from 29th June, 2015, instruments may be temporarily set to Close Only mode.

While I’m not exactly sure what ‘Close only’ mode entails, this does not bode well. Such measures are only put in place when there’s a sign saying “Crisis – this way up – do not bend” above the Foreign Exchange markets.

My own currency brokers are closed over the weekend, but I have a feeling there’s going to be a lot of fallout over the next 72 hours. Looks like it’s one of those financial ‘Hang tough’ moments. So that’s what I’ll do. Take a step back and let the markets oscillate a bit.

Greek ruins Parthenon and EuroFor most people, shifting money across borders is the province of those so-called ‘rich’ buggers. For me (I’m ‘modestly well off’ not ‘rich’) it’s a case of necessity. I have assets to buy, money to shift, taxes to pay, but if the landfill has hit the wind turbine, while the Greek tragedy plays itself out I shall put my Fedora on and go soak up some sunshine, stick me rod in my hand and go stand on some rocks to see if the fish are biting. We’ll see what doom and gloom, if any, that Monday brings.

Will the powers that be let Greece fail? We shall see who blinks first.

P.S. Watch this Twitter feed
Update: Also this breaking news feed on the Eurozone.
And just to throw more fuel on the fire, we hear the State Governor say that Puerto Rico can’t pay its debts.

While the rest of North America seems to be going to see Gay Pride parades, What’s that creaking noise?

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2 thoughts on “Greek out?”

  1. No James. I’ve been looking back at similar incidents throughout Financial History, and though it looks like a bloody big glitch is about to hit the market, it’s not going to be fatal. Some domino’s will fall, some will be knocked a little sideways, but the world financial system isn’t going to fall over. The Russians are perched, ready to ‘help’, for a ‘consideration’, like treaty access on pipelines and ports. The power is shifting, has been for a long time, away from the West to the BRICS countries.

    A new balance will arrive. The world will continue to turn.

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