Crisis? What Crisis?

What a Greek euro exit could mean for Canada

CBC News 

Posted: May 25, 2012 1:44 PM ET


This doesn’t sound like much of a Canadian crisis to me, and as for a real estate bubble..doesn’t matter what you ‘blame’ it on, much of big-city Canadian housing is horribly overvalued and has been for awhile..
Sounds like anyone dumb enough, or wealthy enough, to buy a home in the last ten years, and the banking sector itself, as well as the stock market might be somewhat affected if Greece exits the so-called eurozone…
Sorry, can’t seem to muster up anything like sympathy for the mostly 1%ers who might have their bloated profit margins affected…as for real estate values, that is a stretch to blame Greece…But then, in Vancouver’s tony Coal Harbor, high-end condos have been sitting, empty for years, purchased by offshore buyers in the vain hope of turning a quick profit, now being held, empty, “just in case” while rentals in the city are less than 1% for availability…
It would not only be the best thing for Greece, but would level the playing field, ultimately, for those with a little less than fabulous wealth…of course, that’s a nightmare scenario for the rich and powerful….


About cityprole

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One Response to Crisis? What Crisis?

  1. JJ says:

    I follow the Euro intently, for my own selfish reasons 😉 and I’m pretty sure at this point that Greece will be dusting off the Drachma at some point in the near future. There’s even a twitter hashtag — “Grexit” — being used by financial tweeters.

    I keep telling people we’ve entered uncharted economic waters, and they keep telling me I’m a conspiracy-theorizing doomer goon. We’ll see…

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