Zerohedge: "Lehman-Like" Avalanche In Greece Could Be Set In Motion As Soon As Sunday

Friday, June 17, 2011 00:20

Tags: world economy

There may be “Lehman-like” consequences if the Greek Parliament fails to pass a vote of confidence that may come as early as Sunday, says Zerohedge, citing a report by SocGen. With two further defections in the majority PASOK party on Thursday, the vote may come down to one or two votes

This Website Is For Financial Professionals Only

A successful outcome would throw the ball back into the EU’s court, and allow the EU/IMF policymakers to proceed with devising a medium-term funding solution for Greece, which includes a new 5-year campaign of tax rises, spending cuts, and sell-offs of state property to continue receiving aid from the European Union and International Monetary Fund and avoid default. But a failure will have significant effect on global markets, the Euro, and credit ratings of anyone holding significant amounts of Greek debt.

Comments (0)

Write comment

You must be logged in to post a comment. Please register if you do not have an account yet.