The title above is diplomatic speak for, “fuck this we’re out”. Fasten your seatbelts ladies and gentleman it’s going to get bumpy for a while. Why? because if Greece defaults so will Italy, Spain and Portugal. And while it’s the best thing that could happen as it collapses the hold that the financial elite has over the globe they will not go easy and do you hear that hissing in the back ground? That’s the sound of $ 700 TRILLION in derivatives evaporating taking the too big to fail banks with them.
Ok, we get the hint. End the foreplay already and file finally. From Bloomberg: “Greece’s Prime Minister Lucas Papademos requested the country’s Finance Ministry to prepare a document on the implications of a Greek default, Panos Beglitis, spokesman for the socialist Pasok Party said. The Prime Minister yesterday told the leaders of the three political parties supporting his interim government that he asked the Ministry “to record accurately and realistically all the consequences of the country’s exit from the euro zone,” Beglitis said today in an interview with Radio 9, according to a transcript of his comments e-mailed from the Athens-based offices of Pasok.” And yes, the market initially rallied just after Lehman filed.