No more kicking the can in Europe nonsense, nosiree. We'll have nothing of the extreme sort. Turns out Europeans are not any more talented at solving their own debt crises versus their procrastinative US counterparts. Instead of no deal at all, they chose to tap the can down the road to ruin instead of kicking it. What a bunch of wimps! Is this the best the leadership of millions can hope for? In shark infested, hedge fund polluted waters, the blood of indecision flowing freely on both sides of the pond only further attracts those slimy meateaters looking to make a quick and easy snack out of Joe Sixpack. Leaders are making every mistake Sinclair has written about recently and the forthcoming bailouts needed to clean up this mess will be multiples of that otherwise needed if our leaders would only show some confidence-building leadership and grow a spine:

Excellent and insightful commentary from PensionPulse on the Greek debt deal that turns out to be no deal at all. A few choice snips says it all:

"One leading investment strategist described the new deal as "less sticking plaster and more of a proper bandage", but warned the underlying problems in the Greek economy had not been addressed. Another said the voluntary 21% "haircut" agreed by the banks was less than a third of what was required."

"Gary Jenkins, head of fixed income research at Evolution, argued the compromise to limit private sector bank losses to 21% was not enough to save Greece from years of austerity: "We have long thought that the most likely outcome for Greek bondholders would be that they would take a small haircut first followed by a larger one at a later date.

"To give Greece a fighting chance they probably need a writedown close to 65%,"

http://pensionpulse.blogspot.com/2011/07/euphoria-wanes-as-doubts-emerge.html