Senior IMF Economist Expects Hard Default For Greece. Soon.
According to a senior IMF economist who wasn’t identified, Greece will likely face a “hard default” well before March 2012.
It could happen during 2011, and perhaps after the current round of negotiations. This acknowledgement from someone very close to the matter in a body that is heavily involved in the bailout, is quite worrying.
The current talks are around the first bailout, agreed more than a year ago. Greece definitely missed its targets. The EU /IMF delegation suspended its visit to Greece after discovering that the deficit will be higher. They are expecting fresh steps to be taken by the Greek government.
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My Comment: All good things come to an end, and for Greece .... it is going to be a crash. Unfortunately, the instability and crisis that it will produce (even more than now), will have dire consequences for Europe and the stability of the continent.
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