Greek Default Ahoy!

[cosmicalstorm]

So has Greece actually defaulted yet?

If I understand things correctly there is zero percent possibility for them to avoid it. And it seems a number of larger countries are approaching similar status, so it's going to be a bad couple of months ahead.

[Starglider]

If I understand things correctly there is zero percent possibility for them to avoid it.

Sure they can. They can just keep asking for more bailout tranches from the EU, and the EU can keep pumping more money into the European 'stabilisation' fund.

The key question is how much extra income tax is Thanas prepared to pay to 'save eurosocialism'. Not fancy talk about solidarity, giving up actual money to help the periphery pay their rising debt service costs. 5%? 10%? 20%? Each billion euros buys the EU another few days...

[cosmicalstorm]

If there are problems with Italy and Spain; I'm assuming that will soon cause the current EU-CPR of the Greek economy to stop?

[Starglider]

If there are problems with Italy and Spain; I'm assuming that will soon cause the current EU-CPR of the Greek economy to stop?

On the contrary, it is the biggest reason why Greece can keep demanding more handouts indefinitely. If Greece goes down borrowing costs will go up even more for all the other PIGS; this is the notion of 'contagion' that the financial press constantly goes on about.