Greece's "toxic mix of private and public debt" and lack of "badly needed" structural reforms are particularly bad, as the Bank of International Settlements—the central banks' central bank that was one of the few bodies to predict the credit crisis—warned this weekend. But Greece isn't exactly the only country over-reliant on monetary policy and central banks getting it right, essentially.
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The addition over the weekend of the "Zhou put" – a reference to the People's Bank of China Governor Zhou Xiaochuan's actions to ease monetary policy – to the list of terms economics students of the future will be studying, shows how even the economy expected to overtake the U.S. as the world's biggest cannot rely on growth any more. The cut in policy rates and selected bank reserve requirements, was reminiscent of the era of former U.S. Federal Reserve Chairman Alan Greenspan.
Chinese equities, emerging markets, Iran's nuclear talks and let's not forget the continuing lack of resolution of the Ukrainian conflict, are all potentially big negatives for markets in the next few months.
This could be the year where the old stock market adage "sell in May and go away" is more accurate than ever.