1. Greece will stay in depression until it defaults (restructures), but this won't happen before 2012 or even later:
- Hold on GGBs as much as possible but offload at some point
- Short Greek assets in general and stay away from builing long-term long positions.
2. European markets will remain choppy until bulk of Greek debt is transferred to the ECB and there are signs of stabilisation in Spain:
- Stay away from European assets, including Bunds.
3. Neutral on global equities but clear dichotomy amongst different countries will be increased:
- LONG: Turkey, Brazil, Korea, SE Asia
- SHORT: Greece, Spain, Europe, US
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