Impotent Greek Panacea Piles on More Risk

I'll continue to devote considerable analytical attention to the unfolding European debt crisis. These debt markets are in the midst of a problematic crisis of confidence, in a marketplace that again elicited an aggressive policy response. Here at home, and despite obvious risks and politicians content to play with fire, the market is more than fine with Treasurys. The thesis remains that the sovereign debt crisis that erupted in Greece - and moved to consume Ireland and Portugal before arriving at the door of Spain and Italy - will eventually engulf our government debt market as well.