The Euro Zone Has 8 Days To Fix It's Debt Crisis (Or Else)

G20 Tells Euro Zone To Fix Debt Crisis In Eight Days -- Reuters

(Reuters) - The world's leading economies pressed Europe on Saturday to act decisively within eight days to resolve the euro zone's sovereign debt crisis which is endangering the world economy.

In unusually direct language, finance ministers and central bankers of the Group of 20 major economies said they expected an October 23 European Union summit to "decisively address the current challenges through a comprehensive plan".

French Finance Minister Francois Baroin, who chaired the meeting, said Berlin and Paris, the leading euro zone powers, were well on the way to agreeing a plan to reduce Greece's debt, stop contagion and protect Europe's banks.

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My Comment: I am not confident that a resolution will be found for the simple reason that you cannot change a nation's political/social culture overnight. When the Greek Prime Minister has to go on his knees to beg to his fellow Greeks that in order to avert a "catastrophe" sacrifices will need to be done ... and they refuse .... you know that this house of cards will eventually fall down. The big question then is .... when will this house of cards fall down? My prediction .... if the richer nations do not pony up some cash in the next week or two, then the defaults will happen sooner than what many experts are saying .... like in a few weeks.