Greece

Something unexpected happened on the road to the latest Greek "recovery": the local population no longer believes one is coming.

As Wilbur Ross so eloquently noted, for Puerto Rico "it's the end of the beginning... and the beginning of the end," as he explained "Puerto Rico is the US version of Greece." However, as JPMorgan explains, for some states the pain is really just beginning as Municipal bond risk will only become more important over time, as assets of some severely underfunded plans are gradually depleted.

Wilbur Ross discusses Puerto Rico's debt struggles and where it goes from here...

http://www.bloomberg.com/api/embed/iframe

Back in August, we brought you “One Country’s Grim Assessment Of Greece’s Future” in which we highlighted comments from Finnish Foreign Minister Timo Soini.

“Truth is the strongest force. We should admit that this isn’t going to work,” Soini said, criticizing Brussels’ decision to back a third bailout program for Athens after a summer of fraught negotiations. “I hope that the EU and euro zone, that in due course, we can face the facts and say enough is enough and that we must do something else,” he continued.

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Currency Collapse

Posted with permission and written by Jeff Thomas (CLICK FOR ORIGINAL)

Cash is a scarce commodity in Greece.

Submitted by Raul Ilargi Meijer via The Automatic Earth blog,

Many people are cheering now that yesterday Marine Le Pen and her Front National (FN) party didn’t get to take over government in any regions in the France regional elections. They should think again. FN did get a lot more votes than the last time around, and, though she will be a little disappointed after last weekend’s results, it’s exactly as Le Pen herself said: “Nothing can stop us”.