Friday, July 22, 2011
Every single fund manager in the world is talking about Greek debt, whether or not he or she actually manages Greek debt.
UK equity investment managers are putting out statements about the situation in the Hellenic Republic; US academics are stitching together 19th Century political and economic history and the current situation in the Aegean.
This week we received about 30 press releases about Greece: manager comments on Greece, Forex traders' comments on Greece, Equity fund managers on the impact of Greece's debt on the Eurozone, Bond fund managers' concern about sentiment towards fixed income, Consumer groups lamenting the knock-on effect, SAY NO campaigners heralding this as yet another reason to stay well out of the Euro, Australian Farmers simply taking the proverbial out of the UK because they couldn't care less..
All week we have had missives of doom and gloom, such as this one, which interpolated normal text with BIG BOLD LETTERS ABOUT UNANSWERED QUESTIONS: "Despite politicians expressing their strong commitment to keep the Euro together through this new package, we continue to worry about the peripheral countries' capacity to deliver on their adjustment programme."
But when it becomes ridiculous is when fund management groups strive too hard to attract the attention of media pundits and financial journalists with their own take on Greece.
For example, one press release we received this week said: "This weekend’s family activity centred on the final film in the Harry Potter series, Harry Potter and the Deathly Hallows, 10 years on from when we saw the first instalment of the magical film series in 2001. Meanwhile in the Monday to Friday muggle world, the markets are focusing on the modern classical tale of Greece, that also began 10 years ago in 2001 when they entered the European Monetary Union. How will that blockbuster story end?
"In the final instalment of Harry Potter, the story centres on the deathly hallows. Spookily, the three elements of the deathly hallows are comparable to some of the magical instruments Greece has at its disposal."
I mean, really, mashing together the last of the great Potter blockbuster films with the situation in Greece is going three Quidditch pitches too far in an effort to get our attention.
Expelliarmus Hellenicus Debticus!