Sunday, 11 September 2011

"Greece is already Bancrupt"

Mike Shedlock (Mish):

"Greece is bankrupt and the entire world knows it. Even ECB president Jean-Claude Trichet cannot be so dense as to not understand Greece is bankrupt, although he is too big a liar to openly admit it.

Nonetheless the Greek Prime Minister refuses to throw in the towel. "

For the global economy Greece is insignificant. The risk is more in the domino effect, first Greece then countries like Portugal, Ireland and the much bigger ones Spain and Italy. And then there are other countries with huge debt problems like the US and UK. Money printing seems to have postponed problems in the 2008/9 crisis, but it didn't solve anything from a fundamental point of view.

Difficult times for investors.

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