Saturday, May 21, 2011

When Greece Defaults!

The Daily Telegraph has a column that may well prove useful, it is written by Andrew Lilico and titled "What happens when Greece defaults" it is linked here. The following seem the immediate consequences that he foresees:

-  Every bank in Greece will instantly go insolvent.
- The Greek government will nationalise every bank in Greece.
- The Greek government will forbid withdrawals from Greek banks.
- To prevent Greek depositors from rioting on the streets, Argentina-2002-style (when the Argentinian president had to flee by helicopter from the roof of the presidential palace to evade a mob of such depositors), the Greek government will declare a curfew, perhaps even general martial law.

The list continues taking in the consequences elsewhere. Best read in full with a pint perhaps!



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