This Greece default was suppose to happen about 283 times already, even if does happen it wont even be news because its expected to happen no matter how many bailouts they get.
Well you're getting it in gold, silver, corn, cattle. If it's not hyperinflation now then it will never be hyperinflation.
It's a well known fact that they have to restructure. The problem is how does it work. How much of a haircut? Push the short term debt to 30 years? Pay off in some strange new Greek currency or so-called "Bad Euros"? The uncertainty is very painful. Greek 2 year tanked today, Folks look at 37% yield and drool. Then they think of all that could happen and sigh. The US fed had a conference that included various (not to mention sundry) banker types in Kansas City today. Them EZers can't get everything wrong, sooner or later they'll do something right (blind squirrels and all). Just think how much better off we'd all be if two years ago they said "Sheesh, these Greeks lied about where they were. Let's restructure. Oh and maybe we should start unloading some of this other crap debt." We'd be looking back on some hard times, but moving upwards. Instead, we're riding on down. Not that I mind, I do like beef for dinner. The vol's a little tough, but it is exciting. Anyway, sooner or later them continental's will do something constructive. I mean, they can't get all their decisions wrong, can they? Eventually we'll dig out from under this. And this weekend makes a fine place to start. But no news this evening makes one suspect we're in for more pain. No news by tomorrow at noon would make me appreciate being short into the new trading week. And for the record, I never said it would happen this weekend. I do expect some interesting news this weekend, but I have no inside track on Greece. By "interesting" I do not mean some worthless statement like "Housing prices will not recover for the next year and a half" by some politician. I mean something interesting, something that we'll be talking about, something that moves the market. Could be wrong of course. But it really seems the time for it.
Actually, if you are the one listening to rumors you need to substantiate the rumor mongers mongering...
To be completely honest, I expected something by now. I mean, WTF, the markets are threatening bear, greek 2 years aren't hardly worth the paper they are printed on and the confidence on which our entire financial system depends appears to be weakening (at least to me). So from the Super Fed Chorus we get. . . . (crickets chirping) Huh. Apparently I've been cursed by the ChiComs (interesting times).
for each restructure greece will have to concede something, by the 10th times likely the whole of greece be owned by the banks and greeks will have nothing to show for, the smart thing to do would be to default, at least they will still own the country, either case they will still have to start from scratch, its better to start still having some assets