Meltdown Fears For Euro As G20 Makes Plans For Athens To Default on Debt!

• This coming collapse will start in the PIIGS, spread to the rest of Eurozone, UK, Japan … and finally America. The rest of the world will tank as the tsunami waves of financial collapse reach them. All fiat currencies are scheduled for destruction via hyperinflation. The Illuminist plan to ‘solve’ the financial tsunami is QE to infinity! This guarantees currency debasement and currency war. Got physical gold/silver yet? This sharp correction in prices of gold/silver looks like the final correction before they explode astronomically higher. Gold will be around US$3,500/oz and silver US$150/oz within a year! Do not be afraid ! The Indians and Chinese are buying physical gold/silver with both hands! (emphasis mine)
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  Meltdown fears for euro as G20 makes plans for Athens to default on debt
  By Ben Chu in Washington and Margareta Pagano, http://www.independent.co.uk/
  Finance Minister signals Greece may opt for 50 per cent writedown on bonds as top economist warns Spain and Italy could be forced out of single currency
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  The world’s leading economic powers are moving towards an acceptance that Greece will default on up to half of its €350bn sovereign debts, according to reports from meetings in Washington yesterday. They are believed to be working on concrete plans to deal with these huge losses and their repercussions.
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  This news – almost regardless of any words of qualification that emerge this weekend – will have a resounding effect on the febrile markets when they open on Monday.
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  Unconfirmed reports circulated yesterday that G20 leaders have recognised that the Athens government cannot cope with the scale of its debt burden and that there will eventually need to be a considerable reduction in the face value of Greek debt. The Finance Minister, Evangelos Venizelos, was quoted by two Greek newspapers as suggesting that a 50 per cent writedown for the holders of Greek bonds would be the “best option”.
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  The priority for national policymakers now, apparently, is to contain the impact by recapitalising banks and boosting the powers of the European bailout fund by the time of the next G20 meeting in November.
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  Last night, the Chancellor, George Osborne, said: “There is a recognition here that the global debt crisis has entered a dangerous phase.” Asked whether the G20 was preparing for a Greek default, he tried to dampen speculation by saying: “No one has put forward a plan for a Greek default.”
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  The reports that officials are planning for default coincided with a warning from Dr Nouriel Roubini, the economist known as “Dr Doom” since he predicted the 2008 credit meltdown, that unless European leaders beef up the resources of the eurozone bailout fund, Italy and Spain could be forced out of the euro by panicking markets.
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  The US economist said in an interview: “Italy and Spain are toast, unless we have a tripling or four times as much of official resources to backstop them.” In the interview with Emerging Markets magazine, he said that another global downturn is now inevitable and that the only open question is how severe it will be. “At this point the debate is not whether we’re going to have a double-dip recession or not. The double dip has started. The only question is whether we are going to have a mild recession in advanced economies or whether we’re going to have a severe recession… The answer depends on whether you can keep Italy and Spain.”
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  G20 leaders, meeting in Washington yesterday, pledged to take decisive action to halt the crisis over eurozone sovereign debt, which has triggered turmoil in the financial market after the delay in approving the Greek bailout package agreed in July.
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  This followed an earlier pledge made by the G20 finance ministers on Friday to “maximise” the impact of the bailout fund, although they gave no specifics.
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  The US Treasury Secretary, Timothy Geithner, stressed in a BBC interview that the costs of the crisis are growing with each day the eurozone leaders fail to take decisive action. “These things have the classic dynamic that the longer you wait, the harder it is to solve, the more expensive it is to solve. There’s a huge premium on early action.” But he also claimed that the penny has finally dropped for European politicians. “I believe, on the basis of all my private conversations, that the leadership of Europe are going to move more forcefully and do what’s necessary to reverse this erosion of confidence.”
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  …. for the full article click here!

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