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Greek Exit

Posted: Jun 26, 2015 3:45:25 PM

We are several years into the Greek crisis and not too much has changed since it started.  While a Greek exit  will certainly cause  losses for many investors, Granite Group believes that it will be a short term phenomena. The Greek situation will not materially impact the markets in the long term because of its de minimis contribution to world GDP. We hope that Greece leaves the union as any deal will not resolve the crisis, but just prolong the inevitable collapse.  As proof, the IMF will consider Greece in arrears and not in default when Greece misses their June 30th payment. Granite  Group believes it is time to bite the bullet,  kicking the can down the road for another 5-9 months will never achieve a permanent solution.  Our advice to Greece and to the ECB, leave or kick them out.

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