NEW YORK — The unthinkable suddenly looks possible.
Bankers, governments and investors are preparing for Greece to stop using the euro as its currency, a move that could spread turmoil throughout the global financial system.
‘Bloody doomsday machine’: How shock waves will reach the US if Greece drops the euro
The worst case envisions governments defaulting on their debts, a run on European banks and a worldwide credit crunch reminiscent of the financial crisis in the fall of 2008.
A Greek election on Sunday will determine whether it happens. Syriza, a party opposed to the restrictions placed on Greece in exchange for a bailout from European neighbors, could do well.
If Syriza gains power and rejects the terms of the bailout, Greece could lose its lifeline, default on its debt and decide that it must print its own currency, the drachma, to stay afloat.
No one is sure how that would work because there is no mechanism in the European Union charter for a country leaving the euro. In the meantime, banks and investors have sketched out the ripple effects.
They think the path of a full-blown crisis would start in Greece, quickly move to the rest of Europe and then hit the U.S. Stocks and oil would plunge, the euro would sink against the U.S. dollar, and big banks would suffer losses on complex trades.
READ MORE Plus videos: http://www.washingtonpost.com/national/bloody-doomsday-machine-how-...
Check out the member blogs, videos, and discussions http://12160.info/
Comment
-
Comment by jim on June 18, 2012 at 2:17pm
-
Nice troy, dogzilla
-
-
Take it easy boys lets just see what happens
this is a dangerous thing here and it will effect us if the bottom falls out, so just remember "it's just a ride"
-
Comment by 5Fires on June 17, 2012 at 2:24pm
-
...might aswell enjoy the process; and in the end, the only fight that we fight will come down to the fight, we choose...
-
Comment by Cryptocurrency on June 17, 2012 at 2:00pm
-
Wolter Says Europe Could Cause Systemic Financial Crisis http://www.washingtonpost.com/business/wolter-says-europe-could-cau...
-
Comment by noblsht on June 17, 2012 at 1:56pm
-
Trying to read this article in his garbage audio comes up in the background playing some lame ass garbage music and some Greek moron mumbling to us WTF is going here
"Destroying the New World Order"
THANK YOU FOR SUPPORTING THE SITE!
Latest Activity
- Top News
- Everything
A few reasons I don’t like jews. It’s not complicated.
These are the reasons I became antisemitic. It’s not complicated. Sure, I could go on for days, weeks, months outlining everything, but I don’t need to. This...
"Less Prone, Thanks Buddy! I'd like to volunteer as a historical reconstructionist! "
"Welcome to a revolutionary concept in public communication, the truth."
"Some incredible pieces of history!"
First Week of July 1947 an Inflexion Point for Humanity!
The year is 1947 and sometime around July 4th the anniversary of the birth our nation, when a…See More
"cheeki kea Ha! Good one!"
This is Paris Now… You Won’t See This in the Tourist Brochures
In this video, I take you through Marché Barbès and its surrounding neighbourhoods — an area that reflects the modern, complex face of Paris most tourists ne...
Trump's Big Beautiful Bill Passes Amidst Democrat Lies About a Tax cut for the Rich Being Averted
AP Photo/Rod Lamkey, Jr.It’s over, folks. President Trump and congressional Republicans aimed to…See More
"I wonder what wearables must have been like before the last reset. "
"EVERYONE'S BEEN SHOT UP HERE": Arsonists Set Wildfire In Idaho, Open Fire On Firefighters, Police
"AAAAAAND…….HE’S ANOTHER TRANS…"
"Another scare tactic to push people into anew regime of vaccinations! Either that, or this is a…"
© 2025 Created by truth.
Powered by
You need to be a member of 12160 Social Network to add comments!
Join 12160 Social Network