It's going to get really ugly and Greece is just the tip of the Iceberg. Greece is ... Much Much Worse The article only discusses various EU banks exposure to EU (Portugal, Italy, Ireland, Greece & Spain) debt. "...when Greece defaults, the other PIIGS (Italy, Ireland, Spain, and Portugal) will have to ask themselves… “do we opt for austerity measures and more debt which obviously didn’t work for Greece and will only stifle our economies more? Or do we also default? ..." Bottom line, Europe is looking at a really bad situation, it's not just Greece. Think about multiple nations defaulting on their sovereign debt.

But what about banks in the USA and their exposure to European debt? This isn't going to end with just Europe having a recession (depression?). The good times they are coming to an end.


Emperor Turhan: How will this end?
Kosh: In fire.