Greek Default:

It be happenin’.

Greece cannot make debt repayments to the International Monetary Fund (IMF) next month unless it achieves a deal with creditors . . .”.

Yep, they have used up all their credit. The Socialist dream has “run out of other people’s money”.

All those financial instruments are set to fold. 230 BILLION dollars are, essentially, uncollectable…. Trillions of dollars of derivatives are triggered. Some say Doom is upon the financial markets. Perhaps. Perhaps only some folks who gambled wrong will face losing their fortunes. It isn’t gonna be pretty.

This is, of course the beginning of the end for the European Union.

How long until the US is in the same boat?  England? Japan?

One expects this from a country like Greece or Argentina….but the US isn’t that far from the same catastrophe.

One thought on “Greek Default:

  1. Hell. They borrowed from their IMF Emergency Fund to pay last month's bills. They're screwed.

    All the news on the BBC right now is about David Cameron "renegotiating" Britain's relationship with the European Union. They can see which way the wind is blowing.

    This could actually be a great time for us, but we've decimated our economic and military power to the point that we're second-class players in the global game.
    Reminds me of the time leading up to WWI.

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