In my infinite critical wisdom I was early among those who predicted the euro currency wouldn’t survive. I was confident Greece would default and be pushed out of the single currency regime. I believed the ECB was feckless in the face of crisis. I of course was dead wrong on all accounts.
I could say “my call for euro demise was early” and suggest I may still be correct. But when you look at the charts below of the 10-year benchmark bond spreads between those periphery countries teetering on sovereign bankruptcy expectations in the midst of the crisis (and Germany), you have to marvel at the success of the ECB under President Mario Draghi’s stewardship—regardless of how he did it or lucky he may have been:
Jack Crooks
Black Swan Capital
