Monday, September 5, 2011

Hard Default For Greece Expected Soon: Senior IMF Economist

Senior IMF Economist Expects Hard Default For Greece. Soon.



According to a senior IMF economist who wasn’t identified, Greece will likely face a “hard default” well before March 2012.



It could happen during 2011, and perhaps after the current round of negotiations. This acknowledgement from someone very close to the matter in a body that is heavily involved in the bailout, is quite worrying.



The current talks are around the first bailout, agreed more than a year ago. Greece definitely missed its targets. The EU /IMF delegation suspended its visit to Greece after discovering that the deficit will be higher. They are expecting fresh steps to be taken by the Greek government.



Read more ....



My Comment: All good things come to an end, and for Greece .... it is going to be a crash. Unfortunately, the instability and crisis that it will produce (even more than now), will have dire consequences for Europe and the stability of the continent.

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