The Greeks are finally realizing that there is no such thing as a free lunch. After indulging in years of tax evasion as a national sport, they finally realize that their economy is based on a stack of cards. They tried living in denial by electing to believe in the Syriza party, which promises to revive the good old days. Having their cake and eating it too is unpalatable to the rest of Europe.
If Greece can get away with it, that is remain in Europe and get access to bailout money whilst reneging on its austerity measures. Imagine the impact when Spain, Italy and Portugal demand the same treatment. Angela Merkel will only allow that over her dead body. The European slowdown has impacted the world no doubt. Even mighty China is reeling from lower industrial growth. They of course have their own set of problems too.
However, I am of the opinion that this crisis like all others will resolve itself eventually. The Greeks are no fools and the Europeans will find ways to manage the contagion effects. The window may be shorter than you think. I evaluated the European real estate market last December. Some of you were so shrewd to have figured that out. I decided it was not time yet. However, some of the European funds may be forced to sell some of performing assets so watch out for bargains.
I certainly am. :)
Your Investment Friend,