Our agents in the Greek shipping community have, as our readers know, been warning us that the alleged bail-out package hatched last weekend wouldn't work. Sure enough, by early Thursday, the rout had resumed: the yields on 10-year Greek sovereign bonds had risen to a near record 7.4 per cent.
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What do Greek shipowners make of their country's current fiscal crisis, and how will it affect their willingness to invest? As we scratch our heads about what might happen to all that Chinese-built tonnage, whether or not we buy the story that lots of it has been or will be "cancelled" for- ever, a study of Greek shipping's history may be instructive.
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