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“The sanguine response to the Syriza victory reflects confidence that the new government and the Troika will reach a mutually acceptable solution to Greece’s debt problems, the still-low probability attached by investors to Greek exit from the euro, and faith in the ECB’s ability to limit contagion. This all seems complacent to us.
“Expectations that Greece’s fiscal problems can be addressed by a “restructuring” of its debts overlook the fact that most of the viable adjustments have already been made. Only a substantial write-down will materially alter Greece’s debt trajectory – an option that the Troika will very strongly resist.”
more http://www.mining.com/gold-bears-are-too-complacent-about-grexit-83073/