If Byron Wien, vice chairman of Blackstone Advisory Partners, is correct: Italy and Greece will default on their debt but will remain in the European Union. The Standard & Poor΄s 500 will get above 1400. Unemployment will fall below 8 percent and GDP growth will top 3 percent.
Wien told CNBC, that “Europe has much, too much, to lose if the European Union dissolves, that΄s why I think Greece and Italy will stay in the EU even though he expects a Greek default and the “strong possibility” of an Italian default on its debt”.
Wien did pretty well last year, getting eight of his 10 predictions right — his misses involved stocks and bonds: He predicted the S&P would end the year at 1500 and the yield on the 10-year Treasury bond would close out 2011 at 5 percent.
Among his other predictions, Wien also thinks investors will go long on currencies of “prudent countries” such as Norway, Singapore and Australia.
(source: capital)
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