The G20 nations are preparing for an orderly default in early November following the G20 summit in Paris.
| So who takes the haircut: the international banking and investment community or ordinary citizens? That is, I note, a rhetorical question... |
Sources close to members involved in the meeting in Washington, USA, say that privately a default by Greece is seen as inevitable.
| Baked in the cake for quite a while. Greece is no longer the problem, especially if the Euro Central Bank allows Euro banks to keep counting worthless Greek bonds as having some value. |
Meetings in Washington this weekend are focused on preparing the ground on how to recapitalise the banks and preparing economies for default.
It is expected that emergency funding will keep Greece afloat through October until an announcement is made at the G20 meeting in Paris next month. It is not thought that Greek default necessarily means that Greece will have to leave the euro currency.
| No no, certainly not! Let the Greeks continue to lie, spend, lie, steal, spend, lie, steal, spend and default. What could possibly go wrong (again)? |
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