The following image is of the Europe current Sovereign debt. As you can see Greece owes US$236 Billion, if Greece defaults, they will not pay debts to the remaining PIIGS as well as Britain, France and Germany which places extreme pressure on the EU to accomodate the default while manageing the fallout from such an event.
Those that think printing more cash is the way out should look at the result on this chart. The deat IS real and Has to be paid at some point or the increasing interest on the debt becomes too high and none of the pricipal can be serviced or even the amount of interest.
The problem in the past one hundred years is we have become comfortable with deficits. This will not be the view of the next one hundred years.
IMO
xjo weekend zoomba lounge, page-58
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