Monday, January 16, 2012

Greece: defaulting on the content of their character on MLK Day

Today, the head of Sovereign Ratings for Standard and Poor (S&P) came out and stated that a default of Greece in not only likely, but imminent.

  • KRAEMER: GREECE, CREDITORS `RUNNING OUT OF TIME' IN DEBT TALKS -BBG
  • KRAEMER: EURO LEADERS HAVEN'T TACKLED CORE UNDERLYING PROBLEMS -BBG
  • KRAEMER SAYS EUROPE MUST DEAL WITH IMBALANCES, COMPETITIVENESS -BBG
And the punchline:
  • KRAEMER SAYS HE BELIEVES GREECE WILL DEFAULT SHORTLY - RTRS -          Zerohedge

In reality, Greece defaulted last year when it failed to rollover debts that came due in the Euro Zone, but like most zombie banks and nation states, central banks in the West are able to keep the old men from dying long past the point they were little more than a stinking corpse.

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