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With a history rich in theatre, Greece’s starring role in the “Grexit” drama has featured several rounds of inconclusive negotiations, the resignation of a finance minister, the closing of Greek banks, and a missed payment to the IMF. Finally, on July 13, Greece and its creditors reached an agreement on a third rescue package that likely ensures that Greece remains in the Eurozone. Key pension and tax reforms constitute some of the key austerity measures while Greek officials promised to set up a privatized fund by selling $50 billion in state owned assets. The funds will be devoted to the recapitalization of banks as well as debt servicing.
Equity market strength through the third quarter continues to challenge the common expectation going into the year. Cumulatively through September…
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