Monday, September 19, 2011
Not WHETHER but WHEN?
The link below is a case study in what happens WHEN a country defaults on its debt obligations. Greece WILL DEFAULT!
Not if but WHEN.
Meetings in Europe are simply a way to pretend that the "masters" of the financial universe have an element of control over the Greek meltdown.
They do not!
A documentary about Argentina in the 1990s "The Take" (See Links) shows the consequences of the default, economic melt down and how a well run, profitable factory is affected.
As went Argentina, so will go Greece, except for one CRITICAL difference: Greece is a member of the EURO and as a result, it will have a contagious effect on the rest of Europe.
The PIIGS will get infected by the Greek tragedy as it unravels speedily. Many banks will be dragged down, one in particular, as mentioned in previous posts on this blog.
Bloomberg News reckons a 98% probability of Greece defaulting. (See Link)
I would add a 2% EXTRA probability to that.
Not if but WHEN?
Theseus slayed the mythological minotaur, half-man-half-bull.
Now the Greeks must slay their own demons and dragons created by corruption, IMF-colonialism, bank lending run riot and taxation avoidance.