Loud Rumors of Greek Default

by the trader

As Europe is enjoying Saturday evening we are getting multiple loud rumors of Greece defaulting. A default is necessary, the only question is how much bankers are willing to loose/sacrifice. Below some early Saturday rumors. The night is loooong.

From Telegraph; German and French authorities have begun work on a three-pronged strategy behind the scenes amid escalating fears that the eurozone’s sovereign debt crisis is spiralling out of control.

Their aim is to build a “firebreak” around Greece, Portugal and Ireland to prevent the crisis spreading to Italy and Spain, countries considered “too big to bail”.

Greece needs a decade to regain competitiveness by Reuters.

Greek Default Gets Louder by Ekathimerini.

…and here is BBC’c quick guide to the different scenarios.

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