Toscafund: “Greece Exit Would Provoke European Social Unrest, Hyperinflation, And A Military Coup”
by Tyler Durden
And here we are thinking we were bearish. As it turns out, compared to London hedge fund Toscafund we are rank amateurs. Reuters reports: “A Greek exit from the euro zone would be worse than catastrophic and could provoke greater social unrest, Zimbabwe-style inflation and a military coup, said London-based hedge fund firm Toscafund. In a stark note to clients, chief economist Savvas Savouri said introducing a new currency instantaneously in the wake of a euro exit would be impossible and the delay would lead to “a run on banks and evacuation of capital that would make what has already been seen as nothing by comparison”. “The word catastrophic would not do it justice enough,” said Savouri, who comes from a Greek Cypriot background. “Those who imagine some post-euro-exit stability would be restored … quite simply fail to understand the magnitude — social, economic and political — of such an eventuality.”” Well, at least he is objective… and tells us how he really feels.
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