Is This It? Mass Rioting, Civil Unrest In Greece As Economists Warn Of Global ‘Armageddon Scenarios’
June 16, 2011
By Steve Watson
As protesters continue to run riot in the streets, economists are warning that the whole of Europe and by extension, the rest of the world could face financial armageddon should Greece default on its debt, in the absence of a second bailout.
Financial experts are warning of a ‘Lehman Moment’ as the European markets are beginning to show signs of unraveling in the wake of the Greek crisis.
“The markets have moved from simply pricing in a high probability of a Greek debt default to looking at a scenario of it becoming disorderly and of contagion spreading to other economies like Portugal, like Ireland, and maybe Spain, Italy and Belgium.” a former UK Treasury official told Bloomberg news. Read More
