Monday, September 19, 2011

Phil Flynn: Can't Get Away From Greece

Global oil markets are falling as the Greece problem continues to weigh on market sentiment. Market odds put a Greek default at 98% and rising. The Wall Street Journal reported, "In Greece, the cabinet of Prime Minister George Papandreou met on Sunday to discuss growing concerns over the nation's ability to meet its fiscal targets. The so called "troika" of international lenders the International Monetary Fund, the European Central Bank and the European Commission are withholding the next disbursement of aid to Greece until the government comes up with a credible plan to meet its deficit-reduction commitments."

In a sharply worded statement released after the cabinet meeting Sunday, Finance Minister Evangelos Venizelos said the government takes full responsibility for the implementation of the agreed program, but also warned that Greece shouldn't be the "scapegoat" used by European institutions to hide their inability to manage the euro-zone crisis." So take that and please write me a check! The Greek government knows that it is going to be very messy for the Euro Zone if they are allowed to fail so at some point they may just tell Europe to either come up with more cash or face the consequences that will come when Greek goes belly up.....Read the entire article.

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