European finance ministers agreed on a €130 billion bailout deal for Greece, with the aim of bringing its debt-to-GDP ratio down to 120 percent of GDP by 2020.
But the deal still needs to be signed by Euro area parliaments, and the news didn't help European stock markets.
Now, Dennis Gartman said in his
latest investor newsletter (via
CNBC) that officials have only managed to delay a Greek default by a few
weeks or months at most. He expects Greece to default after the elections in
April (via CNBC):
"A new government is going to come to power
following elections that shall take place sometime this spring, and if anyone
anywhere believes that the next Greek government shall do anything other than
abrogate all the agreements made with the ‘troika,’ then we have a bridge we’d
like to sell them at a very high price.”
Gartman said the 120 percent debt-to-GDP ratio target for 2020 is 'comical'.
He added that Greece will likely face a depression soon as Athens tries to grow
its economy while tightening its fiscal policy at the same time. Gartman said
Greeks will start to grow increasingly desperate and resent European nations
forcing austerity on the country, especially Germany. He said, "“It has come to
this: Greece and Germany are effectively at
war.”
没有评论:
发表评论