Greece is the Boy Who Cried Wolf

"We are very near an agreement" is something Greece's PM said on Wednesday and his finance minister has repeatedly stated. Yet, like a geometric shape that approaches its axis but never reaches it, no deal has ever resulted. Still, for some reason the global markets believed the smiling PM as he once again assured his own populace and everyone else who was listening that we're almost there. I've come to realize that much of what is behind this banter is political in nature, as back home the new government has been under the high heat since its entry into office. Every political party Greece now has to offer, with many now seeking to replace the crisis crippled PASOK and New Democracy parties, is blaming Syriza for completing the job Greece's old guard began. Syriza's head, Alexis Tsipras, has to present a positive and strong image to a nation that might be having second thoughts about their decision to elect him. In the end, no matter how many times Greece cries wolf, though, it will eventually have to slay the monster or be devoured by it. This game cannot go on forever, because Greece is about to run out of money. See the report on Greece. National Bank of Greece (NYSE: NBG), Global X FTSE Greece 20 (NYSE: GREK), Piraeus Bank (OTC: BPIRY).

Disclosure: Kaminis is short NBG. Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only.