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Page after page of professional economic journals are filled with mathematical formulas leading the reader from sets of more or less plausible but entirely arbitrary assumptions to precisely stated but irrelevant theoretical conclusions. —Wassily Leontief, Science, Volume 217, 9 July 1982, p. 106.
While a Greek exit from the euro zone is a distinct possibility and the extent of the mess it will create is highly worrisome, the comments yesterday from the ex Greek PM was just stating the obvious to anyone paying attention over the past month since the election. He doesn't want Greece leave but it could happen and it would be ugly if it did. Duh. This said, the markets are on edge and sensitive to every possible out of control scenario coming out of Europe. A German newspaper is reporting that the ECB has formed a group to prepare...
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