It seems like this weekend is crunch time for Greece and the EU. At first I thought it was inevitable that Greece would exit the euro... Now I'm not so sure and it all has to do with Face.
In Chinese culture, nothing is quite as important as the concept of Face. Face represents a person's reputation and feelings of prestige within multiple social circles, including the workplace, family, friends, and society. This perhaps is the one of the most difficult concepts for most Western societies to understand.
Gaining and losing Face is serious business and could be why the EU and Greece may resort to a Face-saving solution. Greece will get what it needs (53 to 55 billion dollars) and the EU saves Face by keeping Greece in the euro zone.
So in my opinion, the whole EU deal rests on Face and not on billions of dollars. We should see this tragic, comedy of errors play out this weekend and be settled. Certainly the markets would like that to be the case.
Just talks of a solution was enough to rally the markets overnight and going into the weekend it's going to be very important to see where these markets close.
In today's video, I will be looking at all of the major markets including the Dow, NASDAQ and S&P 500. I will also look at the euro, gold and crude oil along with 7 of my favorite stocks.
Amazon.com Inc. (NASDAQ:AMZN)
Under Armour Inc. (NYSE:UA)
Facebook Inc. (NASDAQ:FB)
Netflix.com Inc. (NASDAQ:NFLX)
ebay Inc. (NASDAQ:EBAY)
Teva Pharmaceutical Industries Limited (NYSE:TEVA)
This past week has been a tumultuous one with big swings in all markets. Look for next week to be a little more settled, especially if the Greek "Face-saving solution" is implemented.
Have a great weekend everyone.
Every success with MarketClub,
4 thoughts on “Can An Old Chinese Custom Save Greece?”
When there is empty or unloaded Gun in the hand of any person targeting on some one else, that both persons will experience fear because person with Gun will be conscious about discloser of that fact that Gun is without bullet, and opposite person will fill fear about Gun it self as, he don't know the fact behind. Same way, Both Grease and EU not sure about all possible future impacts of Grease exit, and therefore, any firm or final decision remains pending accordingly.
However, Lingering or un-solved Grease Problem it self can be taken as a Big Big Big problem not only For Grease, but even for rest of World too, especially for EU. Initial problem will become more complex due to enhancement of Time, and also it will create both spiral as well wide spread effects on other Economy.
Now this issue is not just limited for Grease only, because behind the Grease, many other countries are also standing in the queue, and EU is more sensitive on this possibilities, also EU seems having no alternate plan for any probable situation may raise after taking any harsh or firm decission.
How many times will Greece pull this stunt ? Every time mmmm
Of COURSE it is! (all about 'face') - at least for the Greeks, a very proud people. But you're mistaken, for the EU it's all about politics; the euro project was never about economics. They HAVE to save it, or the whole edifice will crumble - and Germany will never get its money back (arguably the case, anyway).
A solution WILL be found. Consider this: Greece has a choice, as it demonstrated with "Oxi!"; the EU doesn't, there is no "plan B".
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