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Greek Debt Report May Be Delayed For U.S. Political Reasons

On Friday Reuters:

  • quoted a senior European Union official as saying: "The Obama administration doesn't want anything on a macroeconomic scale that is going to rock the global economy before November 6"; and,

  • suggests that as a result a European Union - International Monetary Fund report on whether Greece's debt is manageable likely will be delayed until after the U.S. November 6 Presidential election date. This in circumstances where that report had been expected as early as the first week in October.

For me (and perhaps for you) that raises at least the following important questions:

  • first, why would the current U.S. administration have such sway over the timing of the release of what is likely to be an important Eurozone report?;

  • second, by now the European and (likely) U.S. insiders know at least broadly what that report is going to say, so is this delay a clear signal that the report results are not going to be good?;

  • third, is the second question a rhetorical one?; and,

  • fourth, how can continued procrastination in the Eurozone or any other economy either be good, or a good signal of what is to come?

The foregoing questions are ones I think everyone should think hard about, reach their own conclusions, and then from a financial markets point of view govern themselves accordingly.

Topical Reference: Greece debt report may be delayed until after the U.S. election, from The Financial Post, from Reuters, Luke Baker, September 21, 2012 - reading time 2 minutes.


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