Don’t expect much of a relief rally for the euro…

…if Greece passes its austerity package this afternoon. The issues in Greece have far exceeded matters o austerity. Europe has come to the long-delayed conclusion that Greece’s debt is unsustainable. They are also trying to finesse a way to give Greece more time to meet its targets without coughing up additional dough. These are not easy problems to solve.

The vote is expected at 18:00 GMT, but I would not bet the ranch on the vote taking place on time.

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