Greek Default & Eurozone Exit Closer Than You Think

Significant news breaking courtesy of the Telegraph in London. Seems that Greek Prime Minister Lucas Papademos has requested documents on the "consequences" of a Greek default as France and Germany insist there will be no €130bn bailout unless the country agrees harsh new austerity terms. He has gone so far, according to the Telegraph to ask the Greek Finance Minister to prepare a Eurozone exit report.

Greece is still denying reports that the noon deadline was false and that there was no deadline breach as we reported on earlier but I’m not buying it and neither are other media outlets. Certainly, the fact of the matter remains that no debt deal has been reached because a debt deal is not the biggest priority in my view. It is my own belief that the topic has indeed turned to how to make the default as painless as possible and how to get Greece out of the Eurozone.

The implications for a bankruptcy are big. German Chancellor Angela Merkel said earlier today “We refuse to [accept] a Greek bankruptcy. We can't accept that.” This has Greece currently in Plan B mode: What if we just leave the Eurozone altogether?

It looks like Greece has now turned their attention from financial reform to doing their due diligence on fleeing the Eurozone. Stay tuned because news is changing by the hour in this mess.