The Elephant in the Room is Spain, Not Italy
February 07, 2012 at 10:01 AM EST
Another day and the markets remain fixated on whether Greece comes to a “voluntary” arrangement with its creditors. The key word is “voluntary” because the myth of “voluntary compliance has to be sustained so that those deadly credit default swaps avoid being triggered. But let’s face it: Greece is a pimple. If the rest of [...]