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)?
A multi-volume chronology and reference guide set detailing three years of the Mexican Drug War between 2010 and 2012.
Rantburg.com and borderlandbeat.com correspondent and author Chris Covert presents his first non-fiction work detailing
the drug and gang related violence in Mexico.
Chris gives us Mexican press dispatches of drug and gang war violence
over three years, presented in a multi volume set intended to chronicle the death, violence and mayhem which has
dominated Mexico for six years.
Rantburg was assembled from recycled algorithms in the United States of America. No
trees were destroyed in the production of this weblog. We did hurt some, though. Sorry.
