Greece has defaulted and so has everyone else

Below: Protestor’s graffiti in Greece.
Translation: “Vote for Ali Baba, he only has 40 thieves.“

"Greece is currently in the eye of the storm that is brewing in Europe and clearly would have defaulted in 2010 had it not received any assistance. It is now even clearer that its Prime Minister does not have reasonable grounds to believe that Greece will be able to pay its debts as and when they become due and payable without the provision of further loans by Europe and the IMF."

"The Europeans will no doubt not allow Greece to default in the legal sense as they would not be able to stem the tide of cascading defaults occurring across Europe. But I repeat, there is no package that will save any nation against the eventual tsunami of unfunded liabilities. There will be great relief when Greece signs the new deal which in reality is just a reprieve from execution. The markets will rise and the fools in Europe will rejoice."

Lue koko kirjoitus: Greece has defaulted and so has everyone else