When the market was still cheering for the rally last week, I wrote an article “Take a look at Greek debt problem from a Folli Follie point of view“. I reckoned that “Greece default” is no longer a myth but a fact.
Yesterday, according to Bloomberg, Greece had its long-term sovereign credit ratings cut to selective default from CC by Standard & Poor’s Ratings Services, which cited an action by Greece’s government regarding its sovereign debt that began a “distressed debt restructuring.”
Interestingly, US market still rallied last night. The market is like a tug of war now, will the bulls or the bears win? We will see. What am I going to do today? Maybe I will go for fishing.
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Take a look at Greek debt problem from a Folli Follie point of view