The below is taken from Bayou Man's Blog from the above video.
Q. You owe the ECB 6 million dollars are you not going to pay?
A: Well, if you look at the existing agreement, the existing agreement recognizes that, ah, we can't pay. And it imposes upon us the very strange notion that as a bankrupt state, we must borrow money from our partners - even more money than they've already given us - to repay a central bank which is in the process of printing one trillion Euros. Now, you only have to state this to realize that this is not a God-given, Divine imperative which Europe shouldn't be discussing.
This is going to shake the financial markets to the core.
I know I'm sounding like chicken little but do yourself and your family a favor. Prepare for drama. Work while the sun is shining because this could be the first of many indicators of global storms coming. Make no mistake about it. A Greek default (even if they try a little word judo to make it sound like something different) will change your life.
NOTE: The danger here isn't the amount of money involved in the Greek economy. The danger revolves around a European country seeing default as the answer to its economic problems...along with the idea that in doing so it could have to move away from the Euro. That could have knock on effects. What happens if this spreads like a contagion to other countries in economic trouble? This isn't a threat to the EU. This is a threat to the enter house of cards that is the global economic system.
NOTE: The danger here isn't the amount of money involved in the Greek economy. The danger revolves around a European country seeing default as the answer to its economic problems...along with the idea that in doing so it could have to move away from the Euro. That could have knock on effects. What happens if this spreads like a contagion to other countries in economic trouble? This isn't a threat to the EU. This is a threat to the enter house of cards that is the global economic system.
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