Greek bond issue

That Greece could borrow money at all (even if it is at 3% above the risk free rate) seems to have calmed the markets a great deal. I am reminded of this piece of Rothschild wisdom:

You are certainly right that there is much to be earned from a government which has no money. But you have to take risks.

That is James Rothschild writing to Nathan Rothschild nearly two centuries ago as quoted by Niall Ferguson, The House of Rothschild: Money’s Prophets 1798-1848, Chapter 4.

Posted at 7:19 pm IST on Fri, 5 Mar 2010         permanent link

Categories: sovereign risk

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