David Kotok: Look At All The Similarities Between California And Greece The Business Insider
We've previously listed California as one of the world's greatest soverign debt risks .
But the degree of similarity between the state and a serious-default-risk country like Greece is unsettling.
A very thorough comparison was released today by David Kodok, the chairman and chief investment officer of Cumberland Advisers .
Here it is (from The Big Picture ):
Abstract: Sovereign debt is likely to be the big headline issue for 2010. This commentary will look at some debt-related issues of Greece and California in their two respective currency zones and then discuss our view of sovereign debt markets for 2010, particularly with respect to the US dollar and euro currency zones. Some strategy guidance for portfolio management of debt will wrap things up.
“Whatever it is, I fear the Greeks even when they bring gifts.” This is one of the English translations of Virgil’s Aeneid. It refers to the Trojan horse that Greece used to deceive Troy and gain entry into the city.
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