Citigroup finally capitulates on Greece
Before there was Brexit, there was Grexit.
Even reading the word brings back the endless pain of a saga that seemed to last forever.
Anyone who unfortunate enough to follow the years of turmoil (which will inevitably return) will remember that the most adamant Grexit believers were Citigroup. They coined the term and often repeated that Greece would leave the Eurozone in three years.
No more.
In a note they surely hoped would be ignored, economists at Citigroup capitulated today on their belief that Greece would leave the Eurozone, Bloomberg reports.
"We reckon the political backdrop has changed both in Athens and among creditors," they wrote. "Overall, we think the political backdrop both in Greece and in the rest of Europe has progressively become less prone to (or tolerant of) extreme events than in the recent past."
Bailing at this point is like selling shares at $0.01.
