- The Greece default meme is sown. The contagion risk is on everyone’s mind. It is a matter of time when the dominoes fall. Fear and panic will spread ! Got physical gold yet?
Dutch Finance Ministry Says Greek Default Is Unavoidable, Immediately Retracts
by Tyler Durden, http://www.zerohedge.com/
Even though it has since provoked a firestorm of denials and refutations, the reality is that Dutch media RTLZ probably had some very good sources … to release the following information, namely that according to the Finance Ministry, the bankruptcy of Greece is inevitable, and that the “question is no longer whether but how Greece goes bankrupt.”
Additionally, Reuters added that according to Jan Kees de Jager, “We are studying scenarios in secret together with the Dutch central bank (DNB) and also with other countries. We are looking at our own economy, our government finances, the financial sector and consequences for Europe,” De Telegraaf added that the “other countries” also included Germany and Deutsche Bank. He said it was difficult to let a country go bankrupt in a controlled way. “Always, if something goes wrong there are effects on other countries, on central banks. So you will have to take into account side-effects.
That is precisely the reason why we are looking at different scenarios behind closed doors.” A ministry source later confirmed a report on Dutch broadcaster RTL that the scenarios being studied included default by Greece.
Of course, in keeping with the European M.O. of spreading a rumor, gauging the market response, and if response is unpleasant, to immediately refute it, Dow Jones and everyone else has since reported that the Dutch were only kidding and were not calling for an orderly default for Greece. Sure. Just preparing for one. Huge semantic difference there…
As for what the original information disclosed, before it was watered down by French political interests, here is the full piece from De Telegraaf:
…. for the full article click here!