To say the Greek bail-out has Alice in Wonderland qualities would be unfair to children’s stories. Yesterday’s surreal plot twist was a warning from Greece that – I paraphrase – it is the next Lehman Brothers, too big to be allowed to fail.
Investors worried about long-term positions in the euro are trying to understand the impact of a Greek exit on the region, or how far the euro could rally if a deal is done.
But perhaps they are looking in the wrong place, indeed the wrong continent. Like so much else, the euro should come with a stamp on the side saying Made in China.
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