If you think the worst is behind us when it comes to the Eurpean debt crisis, Think Again!
Yesterday there were more riots in the streets of Athens as labor unions violently opposed a new proposal that would raise the retirement age and cut payments to pension recipients. It’s understandable that citizens would be discouraged at losing generous benefits that had been promised for years, but one has to stop and think about how realistic these promises have been.
Whether Greece is able to fulfill the labor union’s expectation of generous payday and retirement benefits or not, the international investing community continues to expect high levels of risk. The risk of a Greece or Spain default is a very serious issue with global repercussions. Many European banks have significant exposure to Greek and Spanish sovereign debt, and even the expectation of a default can cause illiquidity as banks refuse to lend to each other and capital ratios are unable to be met.
As a trader in primarily US based companies, the European debt situation is still a major concern. US markets are increasingly keying off of international events including Austerity programs, Chinese economic reports, and trends in emerging markets. As correlations between geographical regions increase, I am finding few places where long-term investments make sense right now. There is just too much risk of loss.
So at this point, the best course of action continues to be one of defense. Consider holding elevated levels of cash in your account. If you are comfortable shorting stocks and understand the risk, there are plenty of negative fundamental and technical situations that can be capitalized on. IRA accounts can consider buying puts or inverse ETFs.
There will eventually be opportunities to buy equities with high levels of conviction. But today’s market allows for very little confidence and requires patience and risk management regardless of your time horizon and risk tolerance.
Greek Riots Continue to Undermine Global Markets
July 12th, 2010 at 7:17 am
It’s sad times for a lot of people that are affected by the crisis and the frustrations are understandable but unproductive.
September 12th, 2011 at 4:14 am
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November 11th, 2011 at 3:08 pm
Agreed. As long as European politicians keep placing band-aids on the problems in Greece, Italy, Ireland and Spain, this crisis will deepen more and more…
November 13th, 2012 at 1:46 am
It’s sad that so many people are enduring emotional and physical distress over a simulated crisis. Years ago, executives at the European Central Bank and the U.S. Federal Reserve planned to implement a world currency with the purpose of increased regulatory measures. In other words, to control more money of individuals.
The European Debt Crisis is a simulated event because it was planned by these banking executives to create a situation where the countries of the world needed to be bailed out by them. After the countries were “bailed out” by the central banks, the ECB and the Fed would implement a world currency so the situation would “never happen again.”
Again, it’s sad that so many people are effected by a premeditated crisis to increase the power of a few central banking executives. Though I agree with Oslobaden in that frustrations are understandable, though unavoidable.
Alan
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