I have held the hand of a devil
It was warm in the night
I was cold as a stone
But I still haven't found
What I'm looking for
But I still haven't found
What I'm looking for
I Still Haven't Found What I'm Looking For – U2
In the end, it wasn’t even close as the Greek parliament voted to accept the offer it had flatly rejected, only a couple of week ago. The only difference this time is that it is even more draconian. The deal seems so lopsided; in fact, one member of the Troika voiced opposition. The International Monetary Fund (IMF), is projecting debt-to–gross domestic product (GDP), climbing to 200% from a current 177%.
Of course, the IMF was the first party stiffed and they have a lot at stake. So, I am not sure if they are talking in order to repair their reputation for usury and unreasonable demands in past bailouts.
The Vote
229 Yes
64 No
The Greek parliament vote means this issue is put to bed legislatively, but the riots began last night. And they spread like wildfire among the dissatisfied and unemployed European youth. Unemployment rates for these young adults mirrors those who existed when the Arab Spring erupted.
Economic Snapshot
Outside of the auto industry, the best regions of the country could say for economic activity that growth was moderate or modest. Perhaps, the same could be said for Fed chair Janet Yellen, who took the silliness of the House and personal agendas in good form. Sadly, her engineered economy is having a hard time, even living up to moderate or modest.
Furthermore, I continue to wonder why so many mavens are convinced the Fed will hike rates this year; (some are even saying it will happen twice). It seems like it would be a colossal mistake.