Well before Greece took centre stage, there were other financial crises that grabbed the global spotlight. And the plot lines were disturbingly similar.
For many Greeks, the real possibility of the country defaulting on its debt payments, or at least going into arrears — and, subsequently, exiting the European Union — may be unthinkable.
But that hasn’t prevented the governing party from balking at a US$8.1-billion reform-dependent bailout and pushing ahead with a July 5 referendum that could end up being just that: unthinkable.
For instance, there have been concerns that a break-away by Greece could, in a worst-case scenario, also fan fears of a contagion of defaults and EU exits. Still, that’s unlikely to happen any time soon.
“The other peripheral economies are generally in much stronger shape than even two years ago,” said Douglas Porter, chief economist at BMO Capital Markets.
The post Greece debt crisis adds to a string of similar global financial meltdowns appeared first on Trunews:.
from Trunews: http://ift.tt/1ROmU5t
via IFTTT
No comments:
Post a Comment