What happens if Greece defaults?

The bank runs are already seen as a foregone conclusion by the Greek government — and are already happening, which is why you see a war on cash. This is also occurring not only in Greece, but other nations. If cash is irrelevant banks cannot go broke because there is no physical liability owed by these same banks.

Please see the following posts for examples in the war on cash:

The War on Cash Is Going Completely Nuts in Europe

The Secret Meeting in London to End Cash

“Cash Is Coined Freedom”: War on Cash Becomes Official in Germany, Reaches G-7, Draws Withering Fire

Abolishing Cash – New Age of Economic Totalitarianism

The New Age of Economic Totalitarianism & the London Meeting to End Currency

 

Greece is completely out of money and time is running out to save it from bankruptcy.

The cash-strapped country urgently needs an €7.2billion (£5.6billion) bailout loan to stay afloat, but so far it has been unable to reach an agreement with EU creditors over the terms attached to the cash.

Until Greek and European leaders reach a lasting solution to the crisis, Greece’s future inside the eurozone looks highly uncertain and a so-called ‘Grexit’ a strong possibility.

In the short-term Greece faces a number of debt repayments in June to the International Monetary Fund. Continue reading

Markets More: HSBC Bearish HSBC WARNS: The world economy faces a ‘titanic problem’

HSBC chief economist Stephen King is already thinking about the next recession.

In a note to clients Wednesday, he warns: “The world economy is like an ocean liner without lifeboats. If another recession hits, it could be a truly titanic struggle for policymakers.” Continue reading

Citigroup’s Schofield: Global Economy ‘May Be Heading Into Grumbling Discontent’

While the turmoil surrounding Ukraine wasn’t enough to derail a strong U.S. stock rally, the East-West conflict could bode ill for the global economy, says Mark Schofield, head of interest rate strategy at Citigroup.

“All-in-all, it feels as if we may be heading into a summer of grumbling discontent, rather than the steady and progressive U.S.-led recovery that had become the consensus view around the start of the year,” Schofield writes in a commentary obtained by CNBC. Continue reading