Another week has begun in the long drawn out death march of the Euro.
This morning Germany held an auction of Euro4BN in six-month bills, and managed to receive an average yield of MINUS 0.0122%.
This is a first!
It means that investors are desperately looking for a safe haven.
Good luck to them, given that Der Spiegl is reporting (not for the first time) that Greece is heading for a disorderly default and that Czech central bank Governor Miroslav Singer has said
"If there is not the will to give Greece a massive
amount of money from European structural funds, I do not see any other
solution than its departure from the euro zone and a massive devaluation of the new Greek currency."
Given this crisis what should investors place their hopes and dreams on?
Art seems to be a safe haven, at least that seems to be the conclusion drawn by thieves who have stolen two pictures (one of them being a Picasso) from the National Art Gallery in Athens this morning.