Disorderly Greece Debt Default and Exit from Eurozone?
Politics / Euro-Zone Nov 04, 2011 - 02:15 AM GMTBy: DK_Matai
1. The possibility of a disorderly Greek default is now rising;
2. It is worth watching the Greek military which was on the verge of causing a coup earlier in the week;
3. Until the defence chiefs of different branches were hastily dismissed and a referendum on the IMF-led bailout and euro membership was announced;
4. Under pressure from Germany and France, plans for a referendum have now been cancelled in favour of an unavoidable snap election;5. The Greek government is on the verge of collapse as the process of disintegration at the centre accelerates;
6. The incumbent prime minister is likely to resign having lost the confidence to govern outright;
7. A new coalition care-taker government may come into play in the interim;
8. There are likely to be serious costs for the Greek economy, more than many of the population realise at present;
9. The political and economic uncertainty will cause further capital flight not only from Greek financial institutions but also other Eurozone members as well;
10. Eventually, Greece may end up defaulting and exiting from the euro in the not too distant future;
11. Consequences for Italy and Spain in terms of the cost of issuing and servicing debt at rising rates may not be benign as they are pushed to the brink;
12. This may cause the Eurozone to dive into a tailspin and European banks to wobble; whilst
13. Eroding the already fragile confidence in the global financial markets and propelling the world�s major economies towards a negative growth trajectory.
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By DK Matai
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