The second most asked question of the week was about Greece and its attendant impact on Europe. In my opinion the Club Med countries’ electorates will not tolerate the macro austerity and personal “belt tightening” necessary to rein in their burgeoning deficits. This is already being reflected in the streets of Athens. As the civil unrest grows, extreme political parties will emerge to take advantage of the situation. By my pencil Greece will eventually default, along with some of the other Mediterranean countries, causing severe consternations for European banks. And that, ladies and gents, is why for years I have opined, “While there are certainly some g-r-e-a-t European companies, strategically I am avoiding Europe (my apologies to all my European friends).”
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