CONSEQUENCES OF A GREEK BANKRUPTCY THIS WEEK

The long expected bankruptcy of Greece has suddenly become a "certain and frightning" reality for next weekend, 8 September 2012 !!!

The indecision of the leaders of Europe, Angela Merkel, Mario Draghi, François Hollande and the Prime Ministers of Spain and Greece, reveals a reality, which is that Germany does not want to provide more support for countries which have lost the control of their Finances !!!

The economic depression in Europe as a whole, reflected by the continued increase in unemployment, is dampening all hopes of a fast recovery.

Greece is on the edge of declaring itself bankrupt !!!  This has been expected for a long time, but the next question is "will this have a ripple effect", will Spain and Italy also follow ?

If each country leaves the EURO, what happens then ?

Greece will be the big example to follow !!!  Any Greek errors will not be followed by other countries !!! 

Greece will adopt a "New Drachma".  Any EURO assets and debts in  Greece will be devalued and expressed in "New Drachmas".  In addition Greece must devalue state liabilities like pensions.  It must also get a grip on Tax which its citizens must be made to pay !!!  But how ?

There will be turmoil very soon, strikes, lack of food and a lack of the new currency, the New Drachma !!!  Anyone with euros in their pocket could spend them, but only in another Euro country.  No bank in Greece will exchange them at  any rate but the official rate !!!

The leaders of the EUROZONE will soon know how far they can realistically go to "save" or "protect" the EURO in future !!!

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