Monday June 29, 2015

// June 29th, 2015 // Daily News

Grexit is tragedy for Greece, but ‘Apocalypse Not’: Strategist

CNBC.com

Markets are sending a signal that investors believe the global economy is positioned to weather Greece’s potential exit from the euro zone, Jason Trennert, chief investment strategist at Strategas Research, said Monday.
“I would broadly put this in the ‘Apocalypse Not’ category. It’s a tragedy for the Greek people. You have obviously 26 percent unemployment, but I don’t think the [European Central Bank] would have made this decision—and it doesn’t mean they’re right—but I don’t think they would have made this decision if they thought that the ramifications would be broader conflagration in Europe itself,” he told CNBC’s “Squawk Box.”
European markets sank Monday as Greece imposed capital controls on the country’s banks and after Prime Minister Alexis Tsipras called for a referendum on proposals put forward by the nation’s creditors. The country is now expected to default on a 1.5 billion euro ($1.7 billion) payment to the International Monetary Fund due Tuesday.
Greeks will vote on July 5 on a package of reforms that would unlock additional bailout funds to the country. A “yes” vote would signal Greeks’ will to go along with pension reforms and other austerity measures, while a “no” vote is seen as paving the way for a Greek exit from the euro zone.
The developments also were reflected in bond markets, where yields on Greek debt spiked. Meanwhile, yields on sovereign debt, such as German bunds, fell as investors put money in these safe havens.
The fact that the debt of other peripheral, heavily indebted European economies did not soar suggests the market does not believe contagion will take hold, Trennert said. The sentiment is also underscored by European bank credit default spreads, he added.
“In 2011, 2012, those blew out precisely when Greek Treasury yields blew out,” he said. “This time around, for the last couple of months, it hasn’t been happening, so I think that there’s a feeling that they’ve walled this off.
“I really don’t think it’s enough in terms of the global economy to overwhelm the good news that’s happening in the United States,” he added.
The only benefit of a Greek exit is that the situation in the country would potentially deteriorate so badly it might sow the seeds of “actual structural reforms,” Trennert said. “The problem now is that you’re just putting Band-Aids on gaping flesh wounds.”

Today’s Inspiration

Are You Distracted or Determined?

by Joyce Meyer – posted June 29, 2015

“Few things are needed—or indeed only one. Mary has chosen what is better, and it will not be taken away from her.”
Luke10:42 NIV

In order to enjoy the present moment and the gifts it contains, we need to have balanced attitudes toward work. Luke 10:38–42 tells the story of Jesus’ visit to the home of two sisters, Mary and Martha.

Martha was overly occupied and too busy (see Luke 10:40). But Mary sat down at Jesus’ feet and listened to what He had to say. Martha was distracted with much serving; Mary was thankful Jesus was there and was determined not to miss the beauty of the present moment. And Jesus said that Mary made a better choice than Martha did.

Jesus did not tell Martha not to work; He told her not to be frustrated and have a bad attitude while she worked. Jesus wants us to work hard, but He also wants us to be wise enough to realize when we should stop all activity and not miss the miracle of the moment.

Prayer of Thanks Thank You, Father, for the way You teach me to live my life in balance. Help me to do the work You have given me to do without letting it become a distraction to my relationship with You. Thank You that I can enjoy moments at Your feet each day.

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