Young and Frederick - ScotiaMcLeod Whitby

 The Moment of Truth. 

It has arrived and I am not talking about the showdown between Greece and the European Community over the refinancing of Greek debt.  That has been factored into markets already.  In reality there are only 2 potential outcomes for this issue so it is a function of when and not if this issue is resolved.  For those who are interested the outcomes are 1. Accept the refinancing conditions proposed by the European Community or 2. The country will go Bankrupt.  In either case the outcome has been discounted by the markets already and that is the good news.   The moment of truth I refer to is the moment of truth for the markets.  

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