A written document giving firm dates and detailed actions for a planned Greek default has been in the possession of two top Wall Street bank currency trading bosses since the second week in January. The Slog has separate but corroborative sources affirming the existence of the document, and a conviction among senior bank staff that at least at the time the plan represented a timetable, not a contingency. The plan gives a firm date of March 23rd for default to be announced after the close of business. http://hat4uk.wordpress.com/2012/02...-given-explicit-timetable-for-athens-default/ The end of the Euro and the EU is neigh.
Time will show whether the claim is true but obviously it is distinctly possible . I am not convinced that a Greek withdrawal is necessarily the end of the Euro----- they defaulted a long time ago , to be pedantic . However , if Spain is hogging the news about then -- which it should be --- there will be typical panic and hysteria . Selfishly , it will not affect the UK greatly --- we have been running QE for some time to cover this outcome and our banks exposure was much less than that of France and Germany . The worry is the risk of "Default Contagion " with Ireland and Portugal judging that the same path benefits them long term on a net basis .
Too many weak links in this Union and who does want to pay for them? Even if they save Greece, then what are they going to do with Portugal, Spain and others, i'm eager to know
