Market Talk

Trading Community

The people we have been speaking to in Greece are confused and puzzled as to what will happen next and are anxious to see how things play out over the next couple of days. That said, the morning after feeling is one of great pride and determination to face what comes their way.

Contrary to popular messages, we have not seen queues at all the ATM’s (admittedly, the odd one) but restaurants are happily accepting credit cards, suppliers are honoring contracts, and the mood is almost jubilant.

Today, the view in Athens is that we are one country together, rich or poor, and we face what we face. This has been the common message on the streets. It now appears everyone voted NO, so those who voted YES just do not wish to admit it since you can’t find a YES vote anywhere.

Far too many elites in Brussels are maintaining that the euro is irreversible. This must be expected for without the euro there is no reason for the ECB or Brussels. The promises that there would be no bailouts without repayments are clouding the view to the future and blocking any end to the euro crisis.

Meanwhile, Merkel’s government has said that there is no rush to negotiations on Greek debt for she sees this as a slap in the face. Greece better wake up and realize that they CANNOT deal with Brussels for they will NEVER change their tune until they are dragged out of office, probably by 2017.