Greek crisis talks collapse in acrimony as Syriza defies EMU – Ambrose Evans-Pritchard -Telegraph

German Logo of the ECB.

German Logo of the ECB. (Photo credit: Wikipedia)

This is an excellent article by Ambrose Evans-Pritchard, International Business Editor at the Telegraph. It’s a must-read. Check it out!

via Greek crisis talks collapse in acrimony as Syriza defies EMU – Telegraph.

Let me give you a flavor:

The talks were halted after four hours of stormy exchanges, risking a traumatic showdown that could precipitate the biggest default in world history and force Greece out of the euro by the end of the month.

I worry that the new Finance Minister of Greece, Yanis Varoufakis, is out of his depth – he’s not lecturing first year students on Games Theory. He is close to ‘precipitating the biggest default in world history’.

I predict pressure on Greece’s banks who will face massive cash withdrawals and financial markets will start speculating on increased risk of Grexit. The citizens of Greece may not want a Grexit but surely that is now more likely to happen?

It’s time to blink.

Thoughts?

 

One response

  1. I always enjoy Pritchard. It seems desperation results in bad decisions such as the election of these amateur politicians and professional ignoramuses. They promise what they can’t deliver and criticize what they don’t understand.

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