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Greek default may be imminent…so why are the Greeks happy about it?

Clouds gather over the Acropolis hill in Athens on September 21, 2011.
Clouds gather over the Acropolis hill in Athens on September 21, 2011.
Louisa Gouliamaki/AFP/Getty Images

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Euro-zone leaders may be saying otherwise, but analysts in the know say a Greek default is a certainty. Greece is trying to head off default. They’re in crisis talks with creditors right now, they’re putting well over a billion dollars in treasury bills on sale and they’re planning to auction off more debt next month. But some analysts say even those measures won’t be enough to stave off default. And the Greek people say that might not be so bad.

Many of them resent the fact that they owe so much money to foreigners and that they have to endure austerity measure to pay it back. Be that as it may, most analysts agree that a Greek default will be catastrophic, possible fracturing the Euro-zone and sending other countries like Portugal and Ireland into default as well. We’ll get a sense of the Greek debt crisis from reporters in Europe and analyze how bad a Greek default will be.


What do you think the impact of a Greek default would be? Should Greece be more worried?


Geoffrey Smith, Senior Reporter, The Wall Street Journal

Barry Ritholtz, CEO of Fusion IQ, an equity research firm; Writer, The Big Picture, a leading financial news blog; author of the book Bailout Nation.