The focus has shifted. The all seeing orb is now focused on Spain but it may well turn back to Greece soon. The loan money is exhausted again and the Greeks have elections lined up on Sunday, May 6 which is coincidentally the same day of the French run-off elections. To answer the question of at what point Greece might leave the Eurozone and return to the Drachma is relatively simple; it will be the day when the European loan spigot is shut off. Greece will pander, promise and proclaim until that point and then they will say, “have a nice day and thanks for all the fish.”...So after the Greek elections what are we likely to find; a new play brought to you live on the Athens’ stage. A Greece that has returned to its own currency and most likely not in the Eurozone at all unless more money is given. The recently issued new Greek debt; worthless or close to it. The old debt now held at the IMF, the ECB and the EIB; worthless or close to it. A wonderful show and a whole host of characters and a play that we will never forget.
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