Greece default imminent

Rumours in the financial sector suggest that Greece is close to defaulting on the debts and that the country will drop out of the EU and the Euro. This follows a failure by the EU in reaching agreement over the next tranche of the Greek bailout. Companies such as Vodaphone are reported to be taking money out of the country on a daily basis.  

This is hardly surprising given that the country has been technically bankrupt for some time now and that the proposed austerity plans are simply not feasible and unlikely to aid the country’s recovery. Many economists feel that the Greek default is inevitable and EU politicians and the banks have only recently begun to comment on this in their statements to the press.