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