Greece will default this week.....stocks will be down 5 percent Monday across the board

what does this mean for the average Greek?

it would mean high inflation and a very devalued drachma, on the upside it would be very cheap for a holiday to greece, so there tourism would skyrocket.

they cooked the books to let them in, this was always going to be the outcome. Their massive debt compared to their GDP, they were never going to be able to repay.

Pretty well the same as it means for all citizens of highly indebted nations, which is pretty well most.... Once the debt balloon pops then lookout....

so i assume fat pensions are kaput?

I will be interested to watch Greece as i think we will experience similar here.

My folks took a chunk out of their pension pot a short while back, before it went really bad. The maximum allowed by law, it was a very good move.

I would definitely speak to an independant financial advisor if your pension matures in the next few years, there are ways to lessen any massive moves in the stock market.

No Greeks responding, too busy on the beaches laying in the sun on your dime.

Only 5%

Must have plunge protection team working overtime.

There is no end in sight until a new approach is implemented across the G20 at least if not all of the IMF countries.

Capitalism is broken. So is the stock market.

I think that real estate is being propped up artificially though by wealthy people.

Consider the average hourly wage in America is 16 bucks an hour.

And houses are hundreds of thousands of dollars. A quick look at California foreclosures from BofA shows most foreclosures are up for sale over 600,000 dollars.

Even 2 people working for 16 bucks an hour cannot afford a 600 thousand dollar home.

They just can't.

200,000 maybe.

So then if its been 3 years, home come reality hasn't set in?

The market has been artificially propped up, by the banks unwillingness to foreclose and take a loss.

There is no escaping the doom. Unless you don't live beyond your means and have a job.

Houses in Greece, over a million dollars because people from the UK like to own them. Now they want to sell them because they can't afford them.

I'd be a lot less skeptical if I didn't hear this every week.

[link to news.sky.com]

I know what you mean, its been very much a cry wolf story, but the fact of the matter is the plans are now in the open.

theres no point living the lie any more, it will be even worse, so im confident they will be allowed to default very soon - within a week, just as soon as a capitilisation plan is set up for the european banks

shameless

Greece wont default!They dont want it yet.

By the way greeks have lot of money.