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Monday, January 09, 2012

The Death March of The Euro

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.

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