With the market continuing to roar, posting a nearly 80% gain over the past 13 months, a growing number of market pros are turning just about every negative into a positive. In particular, Wall Street’s brigade of most happy fellas are saying the unemployment and housing woes and the inability to get bank loans, given some patience, are on their way, to becoming yesterday’s news.
Yet another immediate worry, the sovereign debt crisis, particularly as it relates to Greece, is also seen going the way of the hula hoop. That’s said to be a result of the $61 billion rescue package Greece got last week from the Eurozone countries, money, say the most happy fellas, that should calm market fears and enable Greece to refinance debt coming due on May 19 of $10 billion Euros (equivalent to $14 billion in U.S. currency). In brief, so goes the word, Greece is now over the hump.
Sounds good, but as the Trojans sadly discovered, beware of Greeks bearing gifts. Or in this case, don’t get carried away with Greeks getting gifts because they may not be the panacea they’re supposedly cracked up to be. In fact, more Greek tragedies could lie ahead.
That’s basically what I’m told by Bryan Rich, editor of the World Currency Alert, a newsletter out of Jupiter, Fla. "Greece is not out of the woods by any means," he says. Or put another way, there’s a strong likelihood of more debt crises there.
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