There is Nothing to Fear.....on the Other Hand.....

A SENIOR EU OFFICIAL, MR ALMUNIA, SOUGHT TO PUT FEARS ABOUT
GREECE'S DEFICIT TO REST, SAYING " IN THE EURO AREA, DEFAULT
DOES NOT EXIST". BOY I HATE STATEMENTS LIKE THAT.. WHO
REMEMBERS CLASSICS LIKE; "SOVEREIGN DEBT NEVER DEFAULTS",
"LIQUIDITY WILL NEVER DRY UP" "HOUSE PRICES WILL KEEP ON RISING"
AND "TIGER WOODS IS A DECENT CHAP WITH A STRONG MORAL CODE".
ANYWAY.. MARKETS WERE OBVIOUSLY REASSURED BY THIS STRONG
STATEMENT, AS GREECE'S 5YR $$ CDS QUOTE CAME IN 5bp TO 417bp. IT
WAS JUST UNDER 100 LAST JULY. FOR GMAC, AIG AND WACHOVIA IN THE
US.. THINK GREECE, IRELAND AND SPAIN IN EUROPE. UNEMPLOYMENT
AMONGST YOUNG PEOPLE IN SPAIN NOW STANDS AT 40%- WHICH IS
HORRIFIC IF YOU THINK IN REAL TERMS, NOT THIS MONEY MARKET
RUBBISH. WITH ALL THE GLOOM AND DOOM ABOUT GREECE, FORECASTS OF
RECORD FORECLOSURES IN THE USA (OVER 3 MILLION) IN 2010 AND TOYOTA RECALLING EVERYTHING THAT MOVES, PLUS FALLS IN THE DOW AND ASIA, EUROPEAN EQUITIES OBVIOUSLY..... ROSE.... AT THE OPENING....SHEESH... AND, AFTER A MID MORNING DIP ARE NOW BACK CLOSE TO THEIR BEST LEVELS. CDS LEVELS LITTLE CHANGED AND NOTHING TO REPORT FROM NEW ISSUES THIS MORNING. WAITING TO SEE HOW ALL THE US DATA TODAY SENDS US OFF INTO THE WEEKEND.. HAPPY FRIDAY- PLEASE TELL ME IT'S FRIDAY....