Wednesday, November 23, 2011

Greece Really Is On The Brink Of Default Right Now

by Simone Foxman

Business Insider
November 23, 2011

With George Papandreou out and Lucas Papademos in as the new prime minister, a new Greek bailout approved, and a realistic bond swap deal moving forward, everything should be looking up in Greece.

Right now, that is just not the case.

The focus is returning to Greece this morning after its central bank put out a statement warning that Greece is faced with a choice between staying in the euro and exiting the currency right now.

Without an "all-out effort within the euro area" and moves to restore political and economic confidence in Greece, the country will be faced with:
an uncontrolled downward trajectory that would undermine many of the achievements that have been attained in recent decades, drive the country out of the euro area and set Greece’s economy, standard of living, society and international standing back many decades.

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