Thats when Greece has to repay €14.4 billion followed by billions more over the coming months. It equates to over 6% of national GDP.
It was clear last year that Greece was insolvent but still the bailouts carried on. Even Germany is now beginning to realise that they are throwing good money after bad, about €100 billion should do the trick!
Meetings drag on trying to avoid Greece going bust and dragging Spain, Italy and France with her. Suggestions of negotiated default or voluntary default do not disguise the fact that they can not pay their bills.
Hold on tight because 2012 could be a bumpy ride
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