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Elections Throw Euro Under a Bus
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Last Friday, I sent you into the weekend talking about the elections that had held the euro (EUR) hostage, which would be held in France and Greece. France got their Socialist leader — good for them. I hope they have fun with that. And Greece got a government — no wait, no they didn’t. You see, the Greeks tried to vote in anti-euro leaders, but couldn’t get enough to form a government.

Both of these elections couldn’t have gone any worse for the euro. France’s new leader, Francois Hollande, ran on an anti-austerity platform, and for now, that will carry a lot of weight with traders and investors as far as wanting to take on euro exposure. Of course, history tells us that eventually Hollande will see things along with the Germans. But maybe, and here’s that phrase I dislike, “this time’s different.”

Greece still hasn’t formed a government, so talk about a screwed-up country! Sorry, I don’t mean to insult anyone that’s Greek, but come on, the country had a government that was doing the right things, bringing their excessive deficit spending down, but the pain apparently was too much for the citizens. I’ve got news for them: That pain was nothing compared with being bounced out of the euro!

With the Big Dog (euro) getting hung out on a line, the footing for the currencies has been very slippery. And with the proxy for global growth, Australia — seeing their central bank debase the Australian dollar (AUD) — the rest of the commodity currencies are also in search of terra firma.

Source: The Daily Reckoning

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