German Chancellor Angela Merkel has sacrificed Greece, to send a message to Spain, according to esteemed Market commentator David Buik.
A clearly irked Buik started by stating his belief that the whole Greek tragedy was little more than an undemocratic ponzi masquerade and a disgrace. He added that in 53 years of following political events, he cannot remember a bigger circus.
Nobody expects the Spanish Inquisition
Really drilling down into his suspicion of the root cause, Buik added that the Federalist Union is terrified of Spanish President Rajoy losing the upcoming election, which looks likely, and so are sending out an early message to the Spanish electorate.
He feels that a big bluff is underway and that Greece would never be properly cut loose, due to the obvious humanitarian crisis that would ensue.
Iran progress could be short lived
Looking to US Q2 Earnings, he is expecting a few companies to struggle due to rising dollar strength. Skipping to the Iran deal, he added that obviously politics are better than conflict, but Obama is still a desperately unpopular President, known for weak foreign policy, and that any such deal needs to get GOP approval in the long run, to have any substance.