woensdag 4 januari 2012

Greece wants to default

Greece wants out. But the only way to do that is to default in a big way by devaluing their currency.

If it does happen though, we will see massive losses on bank's balance sheets and we will see a cascade effect to neighbouring countries like Italy, Spain, Portugal and Ireland.

It will be good for the euro though, because we don't have to keep supporting the Greece people anymore.

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