Click For Original Post - Rinse and Repeat, Greece Faces Imminent Collapse [5]

Written by Nathan McDonald [5]

Rinse and repeat, rinse and repeat, that’s the story of the ongoing financial crisis that surrounds Greece.

Greece, once again, is staring over the edge into the abyss and is facing imminent financial default, possible collapse and a system breakdown. That is, unless they can once again pull a rabbit out of their hat and stave off disaster for just one more month.

If they are capable of doing this, all will be well and everything will be solved, right? Of course not. Next month they will simply face the same dire situation and the mainstream media will once again be buzzing with activity and excitement.

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As what is now par for the course, Greece officials have 9 days remaining to get their house in order and meet the creditor demands of the IMF and EU. Last month they just barely made payments at the last minute, by raiding their reserves held at the IMF. This month, what will it be?

The problem is, no one knows. Greece unexpectedly postponed a scheduled meeting. This surprised market participants giving the short time remaining before Greece “officially” has to default on its payments.

Once again, the Greece government is stating that a deal is close with its creditors and all will be resolved before the deadline. Also, as per usual, the IMF and EU are stating that a deal is nowhere close to being reached and that Greece needs to get its house in order.

The truth? Who knows. The amount of MOPE and deliberate confusion surrounding this disaster of a story knows no bounds. However, what we do know is that creditors and cash continue to flee the banking sector in Greece, making a bad situation that much worse.

Simply put, Greece has nine days to get their act together and surprise us all by staying afloat for one more month. How will this end? We’ll know in nine days, then in a month’s time, we’ll be back where we started. Then the rinse and repeat will continue on.

Click For Original Post - Rinse and Repeat, Greece Faces Imminent Collapse [5]

Written by Nathan McDonald [5]