Just been confirmed. Is this just pushing the inevitable back or signs of a slow recovery? Who knows!
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Was interesting to note recent comments by the Argentinian Finance Secretary:If Greece default, the Argentinian experience is relevant. They (the Argentinians) still haven't been able to come back into the debt market, almost ten years after their default. Unfortunately Greece don't have the natural resources that Russa has which saved them, when they deafulted.
http://en.mercopress.com/2010/05/29/argentine-minister-warns-greece-about-the-imf-dangerous-policies“Greece should be able to find its own solution. But I can say that a program including harsh, hard-to-tolerate conditions did not work in Argentina,” he explained.
“Our success after 2003 is largely due to a set of adjustments which were not applied on the population. Argentina left its crisis by growing, not by saving money” the official pointed out.
Lorenzino then added that the country “has had very bad experiences with the IMF in the last thirty years. During the years 2000 and 2001, similar recipes like the ones being applied on Greece, took Argentina to a breaking point which left many citizens dead.”
“It was only after we stopped following the IMF that the economy really started growing,” he stated.
Not sure if serious? What are you expecting will drive this?I'm looking forward to a AU stock market rally to the end of the year. Or at least a few good months. Giddy up!
Not sure if serious? What are you expecting will drive this?
Hmmm my personal opinion is that commodities (and markets in general) have been rising in conjunction with the Fed Monetary Base. The last time the monetary base drifted/fell slightly we had the May 2010 'Flash Crash' and commodities were falling as well... with the end of QE2 on our doorstep (end of the rising monetary base after a steep incline) we could be on the cusp of a similar correction. Perhaps Bernanke will announce QE3 and save the day thoughI am serious. The SP 500 & Shanghai Composite index both heading up to the end of the year.
Coupled with our commodities boom.
Gonna be some rate rises this year, early next year.
Then again i had to kick my crystal ball this morning.