While it may sound like we are repeating ourselves we believe the main issues have not changed since last quarter.
- The Euro crisis is still the dominant theme for developed markets. The fact that Greece has effectively defaulted on her debt, as we have predicted since the start of the crisis, is good news from the point of view that some form of reality has returned to markets and that hard decisions are being taken.
- In our last Investment Outlook we indicated that we felt the solution was near. Today we feel that the solution is just a question of working it out. The markets actually have been working it out over the last three years with consumers paying down debt. Working it out is however not a miracle cure, it takes time as most people and governments can only save or reduce spending by small amounts.
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