Once again, Greece will dominate many of the headlines as they prepare for their national elections. We feel that Greece will undoubtedly stay in the Euro regardless of who wins the election. The stance of both Germany and the Greek Left has softened as of late, and we believe a compromise will be reached. The reason being is that a Greek exit would entail a tremendous amount of Sovereign Quantitative Easing by the ECB to stop the contagion, something Germany wants to avoid. Greece also has EUR20B in bonds coming due in 2015 and will need to refinance them at reasonable rates in order to avoid recession or worse.