What about Greek default consequences? This means the end of capitalism as we knew it??
Not the end of capitalism but the end of Greece as we know it. If the default is managed it won't be so bad for the rest of Europe or indeed Greece. However, if the default is not managed the Greek banks would go under and the government wouldn't be able to pay anything. If then Greece reverted to the drachma the consequences for Greece for at least 6 months would be indeed dire.
The Greeks will default. The european banks and the French and Germans I believe have been playing a managing game so that when it does come it will lessen the blow to the euro.
When the greeks have returned to the drachma with not as much financal assistance, this enable France and Germany to asist Italy and keep the euro in place.
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