Greece has Nothing to Do With Alternative Resource Plays
When are the idiots on WS going to understand that if Greece disappeared tomorrow, nothing would change with the fundamentals of the alternative resource plays like MHR, VOG, NOG, CRR, KOG, WLL, CLR etc.
All these plays are trading near or below cash value, and in reality, should be considered a safe haven from exactly what is going on with the stupid-a$$ euro-spank socialists.
If it is true that the price share of companies involved in alternate resource plays has nothing to do with oil demand and the price of oil, then Greece means nothing. Otherwise, the default by Greece, possibly followed by other weaker European countries, would have a very strong effect on world banks. The resulting slowdown of world economies including the US would then lead to a drop in the demand for oil. What do you think $60/bbl oil would do to the share price of MHR? I am very long MHR, but realize that world economies have everything to do with oil and MHR.
Just because Greece fails, does not mean The rest of the PIIGS will. Perhaps the best thing the EU could do is vote Greece out of the EU and let Greece solve its own problem. The rest of the PIIGs are at least making the motions of reforming and seem to be working out their issues. The EU should cut them off immediately from any financial support previously agreed to. Free up that money to help the rest of the troubled economies. Even if they don't do that, that should be the message to the Greek Government. Get tough with them.
I am so tired of this Greece P.O.S. Europe offers to erase 50% of their debt and they want to vote on it. At this point, they should let them drown. I for one will never visit Greece after all the money they have cost me personally.
Mdick, Why do you think there so many Greek tycoons? It is because none of them pay the taxes that they should. Greece has a lot in common with what is going on in the USA today. Live long and prosper.