Posts
The battle over Greek default between France's Sarkozy and Germany's Merkel...is finally coming to a head...like that nasty unsightly pimple that just keeps growing and won't go away.
When...and how...to manage the inevitable Greek default...and avoid dreaded 'contagion' is the big question.
Very soon...seems to be the answer.
Spain and Italy's debts have just been downgraded by Fitch and Moody's.
Portugal has a runaway island province that has hidden...over $1bn in debt.
Meanwhile...Sarkozy is slow walking any default...for a BIG reason.
French financial firms hold $672 billion in public and private debt in Greece, Portugal, Ireland, Italy and Spain...almost one third more than the Germans.
But...Merkel has declared Germany's largesse...is exhausted.
