Just returned from Greece. The non-payment of taxes by issuing cash receipts, non-till receipts, non taking of credit cards is endemic, as is the belief if one is doing it, all should.

BUT the ECB knows that the market will only be happy (ie yields at manageable levels) when they say their firepower is greater than the market’s. Ie the ECB says it will do everything. Which it is. The danger is someone not understanding the markets says ‘well, we’re not sure’ – as they get complacent thinking lower yields stay low by magic.

I think there is more upside for the Euro, but some nut is going to say something negative and drag it down.