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Germany has shifted and default is now inevitable
A Greek debt default is close. It could come next week, or very soon anyway. Think of Greece as being in intensive care. You enter the eurozone hospital and go up to the ward where Greece is stretched out in agony. You peer through tubes and pumps at the screens recording the patient's progress. What do you find? That it could hardly be worse. The returns that investors demand for owning Greek debt have risen to such astronomical levels that the line goes off the scale. Bonds that are due to be repaid next March are priced at half their official value. This is like looking at a thermometer where the mercury has shot ... (full story)
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