Financial markets don’t actually care
much about Greece, in isolation, says Michael Cembalest at J.P.Morgan. And
Greece’s economic downturn from 2008 to 2013 was not as bad as that in Ukraine
or Russia in the 1990s, or that in Venezuela in the five years through March
2013, he notes (see table.) Cembalist points to massive European “firewalls”
that now protect Europe from negative financial contagion, and he predicts the
European recovery will continue apace. And in his analysis of Sunday’s Greek
referendum ‘No’ victory, Cembalist writes that “the furies of monetary union
have now swallowed up Greece. More… 
Wednesday, July 8, 2015
10 Worst Economic Contractions In 50 Years? Venezuela, Russia vs Greece
Financial markets don’t actually care
much about Greece, in isolation, says Michael Cembalest at J.P.Morgan. And
Greece’s economic downturn from 2008 to 2013 was not as bad as that in Ukraine
or Russia in the 1990s, or that in Venezuela in the five years through March
2013, he notes (see table.) Cembalist points to massive European “firewalls”
that now protect Europe from negative financial contagion, and he predicts the
European recovery will continue apace. And in his analysis of Sunday’s Greek
referendum ‘No’ victory, Cembalist writes that “the furies of monetary union
have now swallowed up Greece. More… 
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