Morgan Stanley: Greece Is A Trojan Horse That Threatens The Euro And The Credibility Of Europe Itself
Joe Weisenthal | Jan. 21, 2010
Morgan Stanley (MS) is out with a very sober analysis of what the Greek situation means.
The report, put together by analyst Emma Lawson, describes Greece as a "Trojan Horse" that threatens not just the euro, but the credibility of the ECB itself if the central bank finds itself unable to punish fiscal miscreants.
The risks to the EUR from the events in Greece arise from a number of different factors. In summary, however, it boils down to credibility: The credibility of the Greek government in meeting their targets, the credibility of the EU institutions to deal with non-compliant states and the credibility of the EUR itself. more