We are several years into the Greek crisis and not too much has changed since it started. While a Greek exit will certainly cause losses for many investors, Granite Group believes that it will be a short term phenomena. The Greek situation will not materially impact the markets in the long term because of its de minimis contribution to world GDP. We hope that Greece leaves the union as any deal will not resolve the crisis, but just prolong the inevitable collapse. As proof, the IMF will consider Greece in arrears and not in default when Greece misses their June 30th payment. Granite Group believes it is time to bite the bullet, kicking the can down the road for another 5-9 months will never achieve a permanent solution. Our advice to Greece and to the ECB, leave or kick them out.
Please feel free to call us directly. You can follow Granite Group Advisors on LinkedIn and learn more about our Wealth Management and Corporate Retirement Services on our Website.
Agreed. Long overdue for a resolution. I have been following this situation for years and there is no political will from the people or leaders to provide structured & meaningful payback to creditors.