The fact that Greece is signing a deal to secure bailout funds to remain in the Euro without a ‘hard default’ on its debt is supposed to be good news. Every delay along the way has caused market uncertainty and created more unease. So why is it that U.S. trading around Greek investing is down rather than up?
The Global X FTSE Greece 20 ETF (NYSE: GREK) is almost always suffering from thin trading volume, but the ETF is down by 5% at $18.42 today. The more actively traded proxy on Greece is the ADR of National Bank of Greece (NYSE: NBG) and its shares are down 5.4% at $3.65 on more than 1.1 million shares so far today.
As an outsider, why does the Greek situation feel so anti-climactic? Is this deal really a permanent situation? Greece votes in new politicians to replace previous politicians. Is it safe to assume that those running in the coming elections and in th years ahead will run on the platform that they have to abide by the same terms? This is a situation where laws of today and agreements of today might not matter in the future.
JON C. OGG
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