Tag euro debt crisis

Treasury ministers have admitted that the Government is drawing up contingency plans for a Greek bankruptcy after being warned by a former foreign secretary that the euro “cannot last”. Events are moving much faster than previously imagined. “Turn around,…

[A Greece default] would have potentially catastrophic consequences for holders not only of 340bn euros (£300bn) of Greek sovereign debt, but also for holders of hundreds of billions of euros of Greek commercial debt and tens of billions of euros…

This morning Greek CDS is trading at a spread of 1,900 bps: a level that seals the fate of Greece, whose bonds are being sold into a bidless market. Translation. To buy $10 million of credit default swap psuedo insurance…

Greek PM may step down, opposition party demands renegotiation of Greek bailout terms. I can hear European bankster howls of pain from here. C’mon Greece, do what Iceland did. Tell the banksters “no”, then arrest them.

Why, it’s beginning to feel a lot like a Lehman Brothers event, isn’t it? You remember Lehman, that bank everyone said could not possibly collapse because banks that big just don’t do that. But collapse it did, triggering mass chaos…