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Greece's New Finance Minister Is Hospitalized Just 4 Days Into His New Job
PInnacle DIgest writes: Greece’s finance minister collapsed and was hospitalized just 4 days into his new job. Cyprus is now the 5th country in the Euro Zone to apply for a bailout. Germany’s leader, Angela Merkel, has stated that she is totally against the idea of Eurobonds, which is believed by many to be the only thing that can save the currency, and she stated that the bonds would be “economically wrong and counterproductive.” If that wasn't enough, she also stated that eurobonds are not an option for "as long as I live."
According to Nichlas Spiro, managing director of Spiro Sovereign Strategy, a London firm specializing in sovereign credit risk “there is now a growing suspicion that Germany is simply not ready to accept the level of debt mutualization necessary to restore confidence and keep the single currency project alive."
And one more thing, for the past three months there has been no demand, thanks to a collapsing Rupee, for gold coming out of the biggest consumer gold market in the world: India.
In a cash-strapped world, investors are flocking to cash and particularly, the world reserve currency. Click here to read Bullionvault.com’s article on the subject.