UK 18:55 Friday, 23 October 2026
Breaking news and expert analysis on fast-moving AIM and LSE listed shares
In today's podcast I look at events in Greece and China and the nature of asset bubbles. I will deal with ISIS in my weekly postcard on TomWinnifrith.com later.
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Comments
Marvin
Guardian says Ladbrokes offering 2/1 on Greeks voting NO to the proposals and 1/3 on YES.
That truly would be turkeys voting for Xmas.
Daniel Victor
Apparently,all deposits in Greek banks are completely safe.
Tom Winnifrith
With my 10 Euro in the National bank, Kalamata I am delighted to hear this but er…I am not banking on it
alcira16247
Tom
It seems that the Greeks want the security and low inflation that the Euro currency affords them but are unwilling to pay the price of continued membership.
However the uncertainties of ditching the Euro for the new Drachma may give many Greeks pause for thought and force them to swallow their pride and accept the demands of their creditors.
Looking at the example of perennial defaulter Argentina, shows that walking away from International debt repayment obligations may provide some relief short term but in the longer term its disastrous and explains why even the arrogant Argentinians are forced back to having to renegotiate outstanding debt finances in order to raise fresh funds from sceptical bond markets.
Greece with a fundamentally weak economy without the benefits of a strong agricultural led export industry of Argentina, will find raising fresh borrowings extremely expensive. Going with the new Drachma might have the Greeks facing an even heavier price to pay in the longer term.
So despite Nationalistic fervour being whipped up, I think, its going to be the head ruling the heart!