Sunday, September 18, 2011

Greek PM Papandreou cancels US trip

Bloomberg has the report which confirms that matters for Greece and the Euro could finally be coming to a head. Read also "The 6th and final tranche" regarding the next IMF payment due to Greece, from Covering Delta, linked here. The following is a quote from that comment:

... I still believe that Europe has one more can-kicking exercise in futility left in its playbook. I believe that Europe’s leaders have already decided that they cannot save the eurozone-17, and that their only hope to preserve the euro as a currency is to downsize the EMU membership so as to prevent disorderly exits and market forces from dictating who gets kicked out and how. To do this, they still need more time, and the 6th tranche may give them just enough of it to solidify their preparations.

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