UniCredit: ECB "Nerve-Wrecking Game Of Chicken" With Greece
The ECB is playing a necessary but "nerve-wrecking game of chicken" in regard to the problems that the Greek fiscal tragedy is creating within the euro zone, says Marco Annunziata, chief economist at Unicredit Group, Dow Jones Newswires reports.
The game of chicken derives from the game theory and has its origins in a game in which two drivers drive towards each other on a collision course: one must swerve, or both may die in the crash, but if one driver swerves and the other does not, the one who swerved will be called a "chicken," meaning a coward.
Annunziata notes that the EU authorities are putting a lot of pressure on Greece to to move towards fiscal consolidation, and he estimates that if a rescue turns out to be necessary, it will be mounted, according to the news agency.
UniCredit’s executive sees a high volatility for Greek spread in the coming months, but after that, he thinks that Greece could be a land of opportunity.
UniCredit: ECB "Nerve-Wrecking Game Of Chicken" With Greece - www.capital.gr