Thursday, January 19, 2012

Greece fails to reach agreement with creditors

A hard Greek default in March is looking inevitable.  The resulting derivatives domino will devastate the Western financial system.
Got Phyzz!?!

The Institute of International Finance (IIF), which is representing hedge funds and banks in the tortuous process, confirmed the first day of the resumed talks had failed to reach a conclusion.
A spokesman for the group said: "A lengthy meeting was held today with Greek Prime Minister Lucas Papademos and with Finance Minister Evangelos Venizelos and discussions will continue tomorrow."
Without an agreement, Greece could forfeit the €130bn bail-out agreed by leaders last year, without which Athens is likely to default on a bond repayment in March.

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