{"id":7489,"date":"2015-04-22T06:49:12","date_gmt":"2015-04-22T11:49:12","guid":{"rendered":"http:\/\/olduvai.ca\/?p=7489"},"modified":"2015-04-22T06:49:12","modified_gmt":"2015-04-22T11:49:12","slug":"grexit-remaining-in-the-eurozone-is-no-longer-the-base-case-for-greece","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=7489","title":{"rendered":"Grexit: Remaining In The Eurozone Is No Longer \u2018The Base Case\u2019 For Greece"},"content":{"rendered":"

Grexit: Remaining In The Eurozone Is No Longer \u2018The Base Case\u2019 For Greece<\/a><\/h3>\n

According to\u00a0the Wall Street Journal<\/a>, Greece staying in the eurozone is no longer \u201cthe base case\u201d for European officials, and one even told the Journal that \u201cliterally nothing has been achieved\u201d in negotiations with the new Greek government since the Greek election almost three months ago.\u00a0 In other words, you can take all of that stuff you heard about how the Greek crisis was fixed and throw it out the window.\u00a0 Over the next few months, a big chunk of Greek government bonds held by the IMF and the European Central Bank will mature.\u00a0 Unless negotiations produce a load of new cash for Greece, there will be a default, and right now there is very little optimism that we will see an agreement any time soon.\u00a0 In fact, as I wrote aboutthe other day<\/a>, behind the scenes banks all over Europe are quietly preparing for a Grexit.\u00a0 European news sources are reporting that the Greek banking system is\u00a0on the verge of collapse<\/a>, and over the past couple of weeks Greek bond yields\u00a0have shot through the roof<\/a>.\u00a0 Most of the things that we would expect to see in the lead up to a Greek exit from the eurozone are happening, and now we will wait and see if the Greeks actually have the guts to pull the trigger when push comes to shove.<\/p>\n

At this point, many top European officials are quietly admitting that it is more likely than not that Greece will leave the euro by the end of this year.\u00a0 The following is an excerpt from\u00a0the Wall Street Journal article that I mentioned above<\/a>\u2026<\/p>\n

 <\/p>\n

…click on the above link to read the rest of the article…<\/p>\n","protected":false},"excerpt":{"rendered":"

Grexit: Remaining In The Eurozone Is No Longer \u2018The Base Case\u2019 For Greece According to\u00a0the Wall Street Journal, Greece staying in the eurozone is no longer \u201cthe base case\u201d for European officials, and one even told the Journal that \u201cliterally nothing has been achieved\u201d in negotiations with the new Greek government since the Greek election […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[195,200,233,282,1167,2598,418,434],"class_list":["post-7489","post","type-post","status-publish","format-standard","hentry","category-economics","tag-debt","tag-default","tag-ecb","tag-european-central-bank","tag-greece","tag-grexit","tag-imf","tag-international-monetary-fund"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/7489","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7489"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/7489\/revisions"}],"predecessor-version":[{"id":7490,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/7489\/revisions\/7490"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7489"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7489"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7489"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}