Ack! They Are Actually Going To Let Greece Default!

Tuesday, January 17, 2012
By Paul Martin

I wish that I had an “aha moment” to share with you today, but instead all I have is an “ack moment” to share. As I was analyzing all of the info coming out of Europe in recent days, I came to the following realization: “Ack! They are actually going to let Greece default!” The only question is whether it is going to be an orderly default or a disorderly default. Of course the EU (led by Germany) could save Greece financially if it wanted to. But Germany has decided against that course of action. Many in the German government are sick and tired of pouring bailouts into Greece and then watching Greek politicians fail to fully implement the austerity measures that were agreed upon. At this point a lot of German politicians are talking as if a Greek default is a foregone conclusion. For example, Michael Fuchs, the deputy leader of Angela Merkel’s political party, recently made the following statement: “I don’t think that Greece, in its current condition, can be saved.” But that is not entirely accurate. Greece could be saved, but the Germans don’t want to make the deep financial sacrifices necessary to save Greece. So instead they are going to let Greece default.

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