If you had been trading Forex the last months you would have noticed the EUR/USD uptrend that ended at 1.50 and has been falling ever since. Euro is trading at 1.40 US dollars today and the euro currency seems to lose value quickly. Could it be due to the bad economy of Greece which is so popular lately in the news worldwide? Surely the new 5 year bond didn’t actually help. At least I won’t be risking my money into the Greek debt and bankruptcy. Just another fish not going for the bait.

I usually don’t talk about politics, neither in real life nor online. I won’t do it now either, but I want to share my own thoughts about the Greek economy. After all I myself live in Greece and although I don’t leave home that much compared to other Greeks, I happen to have an opinion about Greek finance. I have already invested in the Greek stock market in the past, I buy stuff from Greek stores and spend most of my money here. Most of my accounts are in Greek banks, the family’s houses are in Greece and all that make me nervous when I hear about debts and more importantly bankruptcy.

So, after this mini introduction about why I do care about Greek economy, I have been hearing lately about the new loan Greece took and the new 5 year bond the Greek government announced. According to several reputable Greek blogs and news portals, last year the debt of Greece had reached almost 40 billion euros. After the latest loan our debt is now 80 billion and still counting. Personally I don’t see a way Greece will ever pay the loans back. Well, that is not my business in fact, but making the most out of my money is. So, when I heard of the rewarding 5 year Greek bond I considered doing my research. After all, the bond offers 6% annual return of investment free of taxes.

6% does make this bond the most rewarding bond in Europe. Why is that? You must have heard surely about the risk/reward ratio. In this case the risk is quite high comparing to other European more stable economies like Germany. Investing in a Germany long term bond is a sure bet, unless you think Germany is about to declare bankruptcy. It is way more likely for Greece though. You might think that it is an exaggerated matter which is really promoted by the media. Certainly mass media do exaggerate when spreading the news, but in this instance truth does not lie that far away in my opinion. And although I love my country, I really detest our politicians and authorities. But those are not to blame in the end. It’s actually the Greeks who keep voting useless people blindly and the Greek way of thinking.

Investing my money in order to make even more money from the funds that are not needed in my online businesses is my main concern. Or should I say was? Because nowadays my biggest worry is not to lose my money in an unfortunate event such as bankruptcy. Friends kept asking me the last years if my money was safe in online poker or betting accounts. Today it is much safer to keep money online than in Greek banks! A couple of weeks ago I was afraid of transferring a large sum of money to a UK trading brokerage firm but now I keep worrying day by day as long as I keep money in Greek bank accounts. And above all, they try luring me and other Greek investors into buying the Greek debt offering great rewards. Because that is what the bond really is. Buying the debt and betting on the country’s economic comeback. And I don’t believe in miracles.

On the other hand, rumors say today that Greece tries talking China into 25 billion euros worth of bonds. China on the contrary are worried about the Greek economy and according to publications they are almost sure we are going to bankrupt. Reading such a development made me even more worried. Of course there’s always the other side that claims Greece is in a far better situation that Spain. That claim literally comes from the other side, meaning USA who believe that Euro is facing its first biggest test and Spain’s bad economy could lead to potential catastrophe for the European Union. What a surprise! US putting pressure on the Euro! How didn’t I see that coming? I also heard of George Soros’ opinion about investing in the Greek bond, which would be beneficial long term as the bankruptcy possibility is close to zero.

All that have inevitably impacted on the world wide financial markets and pushed Euro below 1.40 in relation to the American dollar. No surprise there either, what comes around goes around. A couple of years ago I kept reading articles online about the imminent US bankruptcy. Even a couple of months ago, people in forums had lost their faith in dollar and regarded it like a plain piece of paper. Now everyone is buying dollar and more importantly getting rid of Euros. Thankfully my online accounts taking care of my poker and blog advertising activities are all in dollars. And I may end up depending on them rather on my local bank’s account!