Wow. So, Europe comes up with a deal for Greece. It means that bond holders get a 50% haircut, not including any inflation erosion over the years. But basically $.50 on the $1. I guess you can understand why the bond market took a hit! Consider that in some of the other struggling economies like Spain, Italy, the US, California… Hey we’re not there yet, but it is fuel for thought.
Combine that with a 2.5% GDP that was far above what the folks who are calling for a recession were thinking, and we have a huge day for the markets.
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What a World Series game tonight.
Typing this via the iPad app Pocket Cloud, which lets you control the PC from your iPad. So this is via Windows Live Writer – on the iPad!