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Sunday, 15 January 2012

Greece heads for March default

The Australian reprints the story run in the Sunday Time:

Greece cannot maintain its facilities and is going for default in March, or in less than 10 weeks, deepening Europe's economic woe and raising new questions over the future of the single currency.

Greece Financial Crisis

 The deadline for doomsday is March 20. Bankers involved said unless a deal could be salvaged within the next few days, default was "inevitable".
A default could lead to Greece breaking away from Europe's single currency, and to a resurrection of the drachma. It would pile market pressure back on to Portugal and Ireland, with traders betting on their eventual exit from the euro.
Although European leaders are said to be reluctant to allow Greece to default, they are running out of options.
The collapse of the Greek talks came as Standard & Poor's slashed the credit ratings of nine countries in the eurozone.

"Anyone fancy a crisp?"- GEICO gecko.

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