Greece to nationalize banks, default on IMF loan

“Greece draws up drachma plans, prepares to miss IMF payment

‘We are a Left-wing government. If we have to choose between a default to the IMF or a default to our own people, it is a no-brainer,’ says senior Greek official”

http://www.telegraph.co.uk/finance/economics/11513341/Greece-draws-up-drachma-plans-prepares-to-miss-IMF-payment.html

Finally, the dreaded Greek default. It will not be the cataclysm that it once would have been, but it has deep implications for the E.U. and the future of the Euro.

Don’t worry, everything is better in Tehran Europe. The whole Euro scheme isn’t teetering on the verge of collapse as IMF dollars are hastily imagined deposited into Europe’s hemorrhaging banks.

They are digging a hole so deep that if it collapses they will not dig out of it for 100 yrs.

2 responses to “Greece to nationalize banks, default on IMF loan

  1. ‘We are a Left-wing government. If we have to choose between a default to the IMF or a default to our own people, it is a no-brainer,’ says senior Greek official”

    I realize it’s unrealistic for a lefty to think ahead, but if he had perhaps he could envision a few years down the road to where they are defaulting on their own people because they defaulted on other peoples money today. I’m all for charity, but investment isn’t charity.

    • I think they are operating on “Feeling”. All the facts that they need are already in their heart. I believe that they somehow have this dream vision of the Drachma, unhindered by debt tied to the Euro. But with nothing but defaulted debt to pin to the Drachma I envisage a free fall that ends up with hyper inflation. I think that their nationalism and idealized Drachma will definitely leave them defaulting on the people

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