$26 Trillion In Global Derivatives About To Implode If Greece Bankruptcy Unfolds
J. D. Heyes
(NaturalNews) The fate of the euro — and, effectively the European Union — could rest on what the political and financial powers within the union itself decide to do regarding the new Greek government’s push to restructure its debt and end the austerity measures imposed upon it as part of a 2012 bailout agreement.
As noted by Michael Snyder over at The Economic Collapse blog, Greek leaders have already met with EU officials to discuss what the next economic steps forward will be for their country. But prior to the meetings, new Greek Prime Minister Alexis Tsipras, head of the far-left Syriza party, had stated that he was not prepared to accept an extension of the current bailout agreement. In fact, Tsipras was elected on promises to end the austerity measures altogether, even though the Greek economy has not appreciably improved.
Meanwhile, Eurozone officials have countered that they expect Greece to honor the conditions of the bailout. So, Snyder noted, “basically we are watching a giant game of financial ‘chicken’ play out over in Europe, and a showdown is looming.”
“Run by radical leftists”
He further notes:
Adding to the drama is the fact that the Greek government is rapidly running out of money. According to the Wall Street Journal, Greece is “on course to run out of money within weeks if it doesn’t gain access to additional funds, effectively daring Germany and its other European creditors to let it fail and stumble out of the euro.”
Now, there have been previous moments of crisis involving Greece, obviously. But things may be different this time around, Snyder warns. The new government is being run by radicals, and their entire campaign was based on ending the austerity that was imposed by the bailout, which was worth more than $270 billion.
Learn more: http://www.naturalnews.com/048777_Greece_European_Union_global_derivatives.html#ixzz3SsxmcPow
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