1 year Libor came out lower again today this continues to put more downward pressure on the Euro. Add that the Eurozone still has a relatively high unemployment rate, today’s figure came in at 11.3% And YoY inflation still negative -0.1% and it seems like there will be no bottom. But my guess is there could be a factor that turns the Euro fall around. Greece’s credit rating is well below investment grade among all three major rating agencies, at Moody’s it’s currently on negative watch, probably because they are they only agency still rating Greece with a B while the other two have already lowered their ratings to junk. Basically this country being inside the Euro can only be detrimental to its value. Greece has to present a final plan to continue receiving help, and so far I see a lot of Tsipras talking about not backing down, and he already has to some extent, but how much more? He has to maintain some of his election promises. But Merkel and Europe in general, are not willing to continue to pour cash into a black hole. I see more turbulence on the horizon. And basically I’m not staying short overnight.

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