torsdag 16 februari 2012


A written document giving firm dates and detailed actions for a planned Greek default has been in the possession of two top Wall Street bank currency trading bosses since the second week in January. The Slog has separate but corroborative sources affirming the existence of the document, and a conviction among senior bank staff that – at least at the time – the plan represented “a timetable, not a contingency”. The plan gives a firm date of March 23rd for default to be announced after the close of business.

In the last three weeks, several EU officials have pumped out the line – over and over again – that Greek default is no longer the bogeyman people thought it was….or to be more precise, they told us it was. “It would have led to a credit crunch immediately and hurt us all,” said a senior eurozone official. “Now, the odds [of such a catastrophic impact] are something like 10-20%. It’s still possible, but it’s not a certainty.”

Nigel Farage, "I think we're heading for a revolution of some kind in Greece"!

Financial Holocaust looms

Then regarding the supposed "contained" Greek default.., Well I actually have my doubts..

First of all who was it that talked about "contained" a while ago?

Then how do you actually contain something you do not know where it is or how much..?

Iceland Did ‘The Right Thing" Defaulting

A&G's AIG Moment Approaching: Moody's Downgrades Generali, Cuts Megainsurer
Allianz Outlook To Negative

Lastley possibly this is THE issue.related a a Greek default.?

As I have repeatedly said the problem is not, in the main, Greece. It is that Italy, Portugal, Ireland and perhaps others will demand the same thing when Greece defaults, especially if they "get away with it", and it is nearly-certain (absent armed intervention) that they will.

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