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09-24-2011 – G20 ministers are preparing for Greek Default

A News Flash from Zero Hedge, one of The Rob’s favorite sites.  A Lehman redux would be far, far, worse this time around.

More from Sky News correspondent Ed Conway (via Twitter):

  • G20 now preparing itself for Greek default after October – Sky sources. Will be on Sky News imminently with more
  • G20 sources: all efforts behind the scenes (by G20 members) are now going into recapitalising banks, preparing economies for default.
  • G20 sources: default not expected until after Cannes G20 early November. Emergency funding should still keep Greece afloat thru October
  • G20 sources: No suggestion Greek default need imply country leaving the euro
  • G20 sources: @ Washington summit marked difference in attitude. Confident euro members edging closer to recapitalising banks, expanding EFSF

Looks like the inevitable is coming in about a month.

Read the rest here with the comments from around the world.

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