Felix is perhaps not saying anything unique here, he’s just saying it better than many others have tried…
This is beginning to feel like 2008, complete with all the rumor and chaos and volatility we saw back then. MF Global is a bit like those Bear Stearns hedge funds which went bust — an isolated datapoint in one respect, but ominous in many others. And right now the best case scenario is that Greece ends up being Bear Stearns, rescued by an international community petrified of what might happen in the event of a chaotic collapse.
But Greece being Greece, of course, a chaotic collapse has to be pretty much an inevitability at some point.
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