Greece Will Default – Yet Another False Alarm Or What?24 September, 2011, 23:58. Posted by Zarathustra
Tags: Debt Crisis, Europe, Greece, Greek Tragedy
Via Sky news: G20 ministers are preparing for Greek default. According to Ed Conway of Sky News, efforts behind scenes by G20 members are preparing for defaults and recapitalisation of banks. Although immediate default of Greece is not likely, Greece will have funding to get through October and default is not expected until after Cannes G20 in early November.
For the past year or two, we have been haunted by the prospect of Greek default over and over again. Of course, as I pointed out before, Greece will default. This is almost an certainty right now as austerity measures can’t produce growth in Greece, and Greece cannot collect enough tax if there is no growth. They are, if you will, stuck in a downward spiral.
Will Greece default? Yes. It is not a question of if, but of when and how, and the consequence of it.