GREEK TRAGEDY

It’s Groundhog Day In Greece, And It Will Be For A While

Jun. 28 2011 - 4:54 pm | 319 views | 0 recommendations | 0 comments

By STEVE SCHAEFER

http://blogs.forbes.com/steveschaefer/2011/06/28/its-groundhog-day-in-greece-and-it-will-be-for-a-while/

Haven't we been here before? Cover via Amazon

Has anybody seen Bill Murray lately? If not, they might want to check Greece, where the debt crisis has a decided déjà vu flavor to it after initially flaring up last year.
“I’m afraid Greece will be like the movie Groundhog Day,” said Bank of America Merrill Lynch currency strategist Paresh Upadhyaya, but this time around the scenario is going to repeat itself much sooner than a year down the road. Assuming this week’s vote in the Greek Parliament passes the austerity package, Upadhyaya says the next reevaluation from the market could come in August, with Prime Minister Papandreou having suggested he would like to call a referendum on further austerity in September.
Greece may move from the front to the back for a time, or go “from white hot to red hot,” Upadhyaya acknowledges, but it won’t be off the stage or the burner for very long.