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He got it right. Des Lachman put a stake down and predicted that Greece would default in May 2010. Today, it did.

Though some had talked about it, few were willing to stake their reputation on the probability of a Greek default. Lachman said, in testimony to a Joint Economic Committee of the Congress, “There is every prospect that within the next twelve to eighteen months Greece will default on its US$420 billion in sovereign debt.” Fifteen months later, the ECB arrived at a debt accord that would give holders of sovereign Greek debt a 50% haircut – more or less, a technical default. Read the rest of this entry »

The Speculations of Mr. Spectator

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