Chris Caton: could Greece be a buying opportunity?

Pendal Group

Pendal Group

It’s impossible to see how Greece can repay €19 billion to various creditors by year end, without borrowing much more from the very agencies to whom the repayments are due. One thing is clear: we are somewhere that we have never been before, and market volatility is likely to continue until the situation is resolved. Given the scale of repayments, it’s difficult to see any “final” resolution other than Greece eventually leaving the common currency. This will cause massive dislocation to the Greek economy, but may, oddly, be the quickest way to an eventually more prosperous future. The fundamental question is: what is the best path to take to ensure that that the horrendous level of unemployment in Greece is eventually reduced to a more acceptable level? Given its economic size and the very limited exposure of the private sector to its debt, it’s very difficult to see the situation becoming calamitous. In fact, many would see this as a buying opportunity. Click here for the full article from BTFG's Chief Economist Chris Caton (VIEW LINK)

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