At last week’s Montreal Investment Conference, I spoke with several mining companies who pretty much shared the same sickening feeling regarding the ongoing European debt drama. I sensed a deep level of annoyance and disgust and I guess it’s for a good reason. The longer this uncertainty persists, the higher the chance that whatever global economic growth we are still enjoying will be wiped out.
The Italians and the Spaniards are the latest governments struggling to borrow on the open market. Even Germany failed to attract enough buyers for a sale of its benchmark bund. All the while politicians snipe at each other with no concrete action to put this dilemma behind us. The latest talk is for leveraging the European bailout fund up to $1.4 Trillion which should be discussed by European leaders in their next summit on Dec 8-9. Will this amount be enough to help both Italy and Spain?
Europe has entered the zone of insolvency, either print the damn money or let the dominoes fall so that we can start over. A financial meltdown triggered by disordered European defaults will certainly hurt everyone but it will not be the end of the world. Life will go on and the markets will take whatever time they need to recover. Maybe I should just be careful for what I wish for…the whole point is: find a way to give us some stability already!
On a side note, I finally got to creating a Facebook Page for BeatingTheIndex. Thank YOU dear Reader for “liking” this site
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Hope You Enjoyed your Weekend!