Greece: Greek Debt Talks Collapse; Greek Exit From Euro Nears
It is high noon in the Eurozone, as talks between Greece and her creditors have collapsed. Greek Prime Minister Alexis Tsipras was elected on an platform of anti-austerity, and thus has little room to maneuver. Greece’s creditors in the Eurozone and IMF have their own limitations on compromising in the austerity required of Athens as the price for more credit to service its massive and unpayable sovereign debt.
We are now at a pint where the can may no longer be kicked down the road. With a debt payment coming due at the end of the month, and the credit required to meet that payment likely to be denied, Greece may very well default on its debt, and be on the way to leaving the Euro monetary union. The impact of such a development, both within the Eurozone and within the broader global economy, may be the pin that punctures the feeble recovery that has barely occurred since the onset of the global economic and financial crisis in 2008.
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