A Greek hard default this weekend is a becoming a distinct possibility, and would make the aftermath of Lehman Bros look like a bull market in comparison.
Pass the popcorn please Sterling!

Chancellor Angela Merkel’s government is preparing plans to shore up German banks in the event that Greece fails to meet the terms of its aid package and defaults, three coalition officials said.
The emergency plan involves measures to help banks and insurers that face a possible 50 percent loss on their Greek bonds if the next tranche of Greece’s bailout is withheld, said the people, who spoke on condition of anonymity because the deliberations are being held in private. The successor to the German government’s bank-rescue fund introduced in 2008 might be enrolled to help recapitalize the banks, one of the people said.
The existence of a “Plan B” underscores German concerns that Greece’s failure to stick to budget-cutting targets threatens European efforts to tame the debt crisis rattling the euro.Read more:

  1. They will try and bail out Greece because if it falls Italy will follow suit quickly, lets hope the eurousa governments try to stop this sinking as it will allow more time to buy cheap silver n gold and will mean a long slow lingering death for the scum. I`m planning my trip to NY to lay a wreath on the steps of the fed and JP.

  2. "The existence of a “Plan B” underscores German concerns that Greece’s failure to stick to budget-cutting targets threatens European efforts to tame the debt crisis rattling the euro."

    It is funny to me that the ECB is trying to "tame" its "debt problem" by spending and printing more money. amazing. boggles the mind

  3. MEXICO, September. 9 .- The world will have
    used gold as a currency, today said Alan
    Greenspan, former chairman of the Federal Reserve United States, during an event organized by the Telmex Foundation. However, he explained that although it is possible to return to the gold standard (as many suggest) he considered highly unlikely.

    Source: Infosel.

  4. What amazes me is how long this whole thing can be artificially propped up, it really boggles the mind. Everytime you think this is it, they pull another rabbit out of the hat.

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