A Greek debt debt deal was worked of late Monday (early Tuesday in Europe). The next major step is to see if parties actually do show up on March 8 to trade in their former Greek bonds for some 47 cents on the dollar in longer dated Greek bonds. The whole thing looks like a giant charade. A ridiculous attempt to paint a default as being something other than that.
It’s really not impressive to see world leaders involved in this ridiculous matter. Greece was obviously loaned too much money.
Well we will stand by for the next act in this comedic/tragic play.
Meanwhile for the moment the U.S. stock futures suggest the Dow will open roughly 50 points higher on Tuesday morning. But really that is of little consequence as wherever it opens it will move off to some other level up, or dow..
In other matters I was reading Toll brothers annual report on Friday. Everything I read looks good. This company really seems to have been vary well managed through the real estate crash. It saw its sales fall by something like 70% but managed to raise its cash substantially by selling assets and not buying new land during most of the crisis and then finally starting to buy only more recently as the bottom started to near. There are obviously no guarantees but I feel quite good holding this company. I may even consider buying additional shares.
Well, it promises to be another exciting week in the markets…