GREY:HRIVF - Post by User
Post by
cjsellon Feb 07, 2010 1:47pm
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Post# 16760421
PIGS and debt bombs
PIGS and debt bombsNot sure if folks saw the news concerning sovereign debts in Portugal, Ireland, Greece and Spain over the weekend. All of these countries are close to default on sovereign debt obligations. In the case of Greece their debt to GDP s 95%, the USA is debt to GDP of 84% and Canada debt to GDP is 35.5%
The article discusses a "global debt bomb" so it's difficult not to understand why POG will not see $1,500 oz (or more) in the near future. Obama just tabled a budget which will double America's debt to 28 trillion by decades end.
Should be interesting to see what Severstal is going to try and pull next. We shall see, but I think more that a double from here would be a good start.
CJ