Greece problem
World open with fear of Greece as Greek president walked out from bail talks. President said he will do referendum on issue of spending cuts and higher taxes. This send a negative signal to world as last date to repay debt installment is 30th June. If Greece does not pay this installment it will be announced defaulter, unless lender give time which they have refused to give.
World is in fear that Greece may default and if Greek people default then Spain, Portugal and other European countries may default without any hesitation. It will be crucial week and whole week Greek crisis would be in focus so be cautious on every note till this matter is not solved. World market strangling by bears on this news and whole world is looking for a solution. It may triggered a chain reaction of defaults by major European countries. Spain, Portugal and many other to follow which could threaten whole euro zone.
Greece crisis conclusion: Now we have to see what Greek people would do tomorrow as its 30th June which is judgement day for Greece and if it defaults then get ready for a chain reaction .
Greece banks are closed for one week, Most of ATM are emptied by citizen fearing default on the way.
Euro to dollar sinking as market is anticipating more defaults and this could trigger a bigger fear of global meltdown. Currently US is trying to broker deal between Greece and European countries. Main hurdle is Germany which simply refused to grant another bailout.
Germany chancellor Angela Merkel would decide future of greek economy and it seems she is not in mode to give any respite to greek people.
we have updated an article regarding recession 2008 and why we have updated it? Will post that answer today.
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