Monday, May 14, 2012

Countdown to Greek Default?

Nouriel Roubini tweets:
The 3 Greek parties didnt approve repayment of a €436m bond due on Tuesday. If no payment occurs there is a 30 day grace period be4 default
A.  It doesn't appear anyone is in charge in Greece.

B. If there is no one in charge in 30 days, default is near certain.

That should get some headlines.


  1. What is this? He is not out!

  2. Greece needs to exit the euro and return to the drachma. All they're doing is digging themselves a deeper hole.

  3. Greece's problem is not one of currency, but of mentality. Yugoslavia and Greece have a lot in common, given that they those two countries represented the East/West boarder. Since the end of WWII these two countries were the recipients of ridiculous amounts of both Soviet and Western money in order to remain in good favor with each bloc. When the USSR collapsed, so did Yugoslavia, because it lost its uniqueness. Greece was already in the EU by then, and kept getting bribed for the sake of the glory of the Union.
    My prediction is that Greece will default and the Communists will win more support at the inevitable do-over election. While I'm at it, I'm getting the feeling that the new French gov't will not honor the Merkel-Sarkosy deal, which will lead to a new war in Europe.

  4. Who runs the show in Greece? Seems to me it is MIC and European Cartel Banks.