Greece will default but ECB right to be proactive: Skandia

The move by the European Central Bank (ECB) to provide more dollar liquidity to markets last Thursday was positive as it shows that it is being proactive, says Rupert Watson, head of asset allocation at Skandia Investment Group in London. The action – also involving the US Federal Reserve, the Bank of England, the Swiss National Bank and the Bank of Japan – means the ECB will now be able to access dollars by swapping assets with the Fed. It shows the ECB is ahead of the game, su…