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They'll respond positively because fixing a problem, even if some people lose out, is always better than uncertainty.
by jeffreymcmanus 15y ago
They'll respond positively because fixing a problem, even if some people lose out, is always better than uncertainty.
- nostrademons 15y agoThat's how a rational person would respond. History has shown that markets are anything but rational. Usually, when something like this happens, people wonder how deep the iceberg goes and who'll be next. Widespread panic usually follows.
- ebaysucks 15y agoThere's nothing irrational about wondering how deep the iceberg goes. I'm always amused when people blaim the market for pointing out failed assets, as if the process of price discovery itself is more responsible for intrinsic value than the nature of the asset itself.
- achompas 15y agoTotally agreed. Markets moved up, but a decline of the various indices would be justified: Greece will need another bailout, as this "partial default" only deals with a little over half of Greece's outstanding debt. They still have 140 million Euros to go.