Germany Preparing Emergency Plan to Assist German Banks Should Greece Default THIS WEEKEND

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:

Comments

  1. Large volume spikes on silver/gold around 11:55 hours…To the upside, for once!

  2. Greece should be toast by the end of this weekend! The banks are connected, so this should get good!

  3. Doc…Stay on this!

  4. 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.

  5. "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

  6. Would be fun to see Greek default this weekend. In reality it is what is better for the Greek people and the European middle class all around the board.

  7. Damn the shit is hitting the fan now.This is what happens to fiat currency that is backed up with credit.

  8. 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.

  9. 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.

  10. Woa!
    A chase ad!
    Click, Click, Clickity, Clickity, Click, Click, Click!

    Ennis

  11. timing seems perfect…the US will be so focused on the 9/11 10yr anniversary that they won't be paying attention to anything else.

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