ECON Finance Minister of Greece announced on TV, they can not make Debt Repayments

[Suzieq]

http://www.youtube.com/watch?v=cxcnpbgsqSg

InvestmentWatch
Submitted by IWB, on May 24th, 2015

*Today, Sunday 5/24 and tomorrow, Monday 5/25 could be the final two days when all of our credit/Debit cards work.

The banking system is facing an unparallelled catastrophe as early as this coming Tuesday and our entire financial system could very well come crashing down without any warning whatsoever.

The trouble has to do with an announcement made today by the Finance Minister of Greece. He appeared on television and stated for the first time publicly “Greece cannot make debt repayments to the International Monetary Fund (IMF) next month unless it achieves a deal with creditors."

This statement today is a defacto DEFAULT on Greece’ sovereign (national) debt. This is no longer something that CAN happen, as of today, it HAS happened! ! ! ! This announcement has now set in-motion a financial calamity that _will_ envelope the world, especially American Banks, which may be forced to HALT ALL LENDING, shut off all access to credit and lock-up depositor accounts as early as this Tuesday. Here’s why:

As a member of the European Union, Greece got to print money; EUROS. The validity of those EUROS is now gone, but they cannot be pulled from circulation because there are so many. Therefore, the VALUE OF THE EURO as a whole, is going to drop off a cliff as a result of Greece defaulting on June 5. This will utterly SLAM banks in the U.S. and others around the world.

Not only is all $320 Billion of Greek debt no-longer-collectible, there are DERIVATIVES against that debt which amount to so much money, banks around the planet can be wiped out in less than one day.

According to the Bank of International Settlements (BIS) at present there are currency derivatives valued at $26.45 TRILLION related to Greek Debt. This was confirmed by the financial mega-site “SeekingAlpha.com” way back in February, just after the snap elections brought the new Greek government to power. (Link Below)

There are also $4 TRILLION in other, non-currency derivatives linked to Greece.

For those who are not aware, a “Derivative” is an investment on the success (or failure) of another investment. Derivatives are actually “bets” that something will succeed/rise or fail/fall. Derivatives involve huge “leverage” meaning investors put down very little cash for the option of controlling ENORMOUS amounts of the underlying investment; in this case, the EURO.

When those betting FOR the underlying investment are WRONG; they must put up more and more cash to cover the loss experienced by the underlying investment because THEY CONTROL IT. They cannot simply walk away from their derivative contract; they’re on-the-hook for the loss.

Do the math: $26.45 TRILLION in EURO CURRENCY Derivatives! the entire 320 billion euros of Greek debt along with 3.4 to 4 trillion of derivatives on Greece and interest rates on Greek bonds etc. THE ENTIRE FINANCIAL WORLD WILL FALL LIKE DOMINOES…. . . . . and it can all start when Asian & European markets open TOMORROW! ! !

Remember, it is the AMERICAN Banks that love to gamble in derivatives. It will be the AMERICAN banks that get taken by storm when this crap with Greece starts to unwind. It will be the AMERICAN banks that shut things off as their exposure to derivatives losses wipe out their balance sheets.

Lest you think this is some exaggeration, consider that the United States government spends about $4 TRILLION a year and the U.S. national debt is $18 TRILLION. People are already recognizing that the US cannot ever HOPE to pay the $18 TRILLION. Now ask yourself: How is the financial sector and its investors going to cope with a detonation of $26.45 TRILLION in currency derivatives plus another $4 TRILLION in derivatives based on Greek debt and interest????? Hint: They can’t.

We’re actually looking at very real financial collapse, striking worldwide, because so many in the financial services industry GAMBLED with derivatives and they have no way to get out of their gamble.

This isn’t some pie-in-the-sky doom bullshit. It is real. Contract law real. Contracts held by BANKS that they cannot get out of.

If I am right — and I have a very good sense about such things — then as early as this Tuesday, access to your credit cards and bank accounts via debit card, could all halt. If you do not have fuel in your car and food in your house when this takes place YOU WON’T BE ABLE TO GET ANY! Credit and Debit cards will be shut off. Checks will not be honored. If you don’t have CASH, you’re shit out of luck.

I am not a licensed financial adviser and so I cannot lawfully give any of you financial advice. I can tell you, however, what I am personally doing: Taking out any cash I have in banks, IRA’s, 401-K’s, Money Market Funds, Hedge Funds, stocks or bonds. It doesn’t matter if I take a loss on any of them — or all of them. The loss I take now will be minor to what’s coming on June 5 . . . or more likely the first business day after, which is June 8. For a lot of people, EVERYTHING THEY HAVE WILL BE WIPED OUT.

My wife and I are heading out right now to fuel up the cars and buy food that can be stored long term: Pasta, Canned Foods/soups, rice, beans, dried milk, plus essentials like toilet paper.

Greek Finance Minister Announcement: http://www.telegraph.co.uk/finance/...d-fears-of-catastrophic-eurozone-rupture.html

SeekingAlpha BIS analysis: http://seekingalpha.com/article/289...d-26-trillion-in-currency-derivatives-at-risk

As to what happens next a default to the IMF does not in fact count as a default immediately. We might call it a default event, even a default-like event, not a default. First, the IMF waits 30 days, then informs the Board that the money hasn’t been received. At which point they’ve quite a lot of leeway. While this isn’t formally what happens in reality: if they think that the country is really trying to pay, has paid some of it, then no default is declared, some shuffling of the problem out of the way happens. If they think that the debtor is simply being recalcitrant, then default is declared, although no rich country not in complete extremis has ever done so. What then happens is, although it doesn’t absolutely have to, a triggering of the cross-default clauses. You’re in default to your most senior creditor? And the IMF is your most senior creditor, then you’re in default to them all.

So, even if the IMF isn’t paid on June 5th it’s really July 5th and beyond that the fireworks really start. By which point, of course, one side or the other might have caved, the last tranche of the secnd bailout is delivered, the IMF paid and on the circus goes. Or not, as the case may be.

*(Fair Use)

Read more: http://investmentwatchblog.com/toda...r-creditdebit-cards-work/#Atvez0yk6WrhE70T.99

 

[Suzieq]

Greece 'cannot afford' to repay IMF on schedule

http://www.youtube.com/watch?v=cxnys0R5Ic8

 

[Dennis Olson]

Grrrrrrreeeeece? Really?

 

[CGTech]

I'm not sure if it will trigger what the op article is saying, but could be interesting to watch

 

[Suzieq]

I was listening to Bill Holter on Caravan to Midnight last night fromv(Ep. 292 – 5-18-150). Bill said our economy is hanging by a thread. He said if Greece defaults on it loans, it will effect our banks here and cause the banks to stop all credit. What does that mean, when they stop all credit? That means all credit & debit cards will not work.

 

[Dennis Olson]

Check title spelling please.

 

[Vegas321]

Could be huge, can only wait and see how this plays out when the Asian then Euro markets open in a few hours.

 

[bw]

What does that mean, when they stop all credit? That means all credit & debit cards will not work.

It's really not clear. There will be some huge arm-twisting, some heavy hitters will be making critical phone calls, and some Generally Accepted Accounting Principles will suddenly be judiciously ignored for a period of time.

If a real jolt comes, it will all become clear in about 24 to 36 hours. If the wheels of commerce can be restarted in that time, we'll all take a communal kick of the can and everything will be fine, don't you worry your pretty little head, for some indeterminate amount of time.

If they can't restart the wheels in about 36 hours, welcome to a Whole New World.

 

[Suzieq]

Check title spelling please.

Thank you!

 

[TheSearcher]

Awwwwwwwsome.

 

[imaginative]

The EU banks are well forked without a Greek default. Will they be able to keep things rolling with a default?

Most likely Greece will go toward China....and maybe China will bailout the banks.

They will even get to dictate the fine print.

 

[Raggedyman]

the fact that it happened on a US HOLIDAY WEEKEND gives US banks an extra day - wondering how significant that is - surely this didn't happen without some foreknowledge

 

[Kris Gandillon]

I maybe missing an important fact or date but from what little I can find about the Greece repayment schedule, the next payment is not officially due until June 5. So while they have announced they won't be able to make that payment, it remains to be seen how big an issue that is for THIS week vs. when they actually miss the payment NEXT week.

 

[Jez]

Haven't they cried this before and gotten a last minute reprieve? I'm just getting a Dejan Vu feeling about this. Kinda to the point of wake me when it actually happens.

 

[tanstaafl]

In my opinion the OP "article" is alarmist BS rehashing the same derivatives scare tactics that have been tossed out ever since Greece began its descent into financial hell. From what I could glean, the finance minister's comments are really just a continuation of the game Greece has been playing lately rather than any new position (essentially "Give us more loans or we're taking our ball and going home"). I still don't believe Greece is enough to take down the global financial markets, derivatives included or otherwise (Spain or Italy or France might be a different story, though). As far as I'm concerned, Greece is a big problem for the EU but not so much for the US or for Asia.

However, that said there's this tidbit I copied to my notes:

"Athens must find €1.5bn in the first three weeks of [June] ... The IMF added there was 'no possibility for the Greek authorities to repay' more than €11bn in obligations due over June and August without a release of emergency cash."

 

[tanstaafl]

I'm just getting a Dejan Vu feeling about this.

Dejan Vu? Isn't that a character from one of the Star Trek series?

 

[Kris Gandillon]

In my opinion the OP "article" is alarmist BS rehashing the same derivatives scare tactics that have been tossed out ever since Greece began its descent into financial hell. From what I could glean, the finance minister's comments are really just a continuation of the game Greece has been playing lately rather than any new position (essentially "Give us more loans or we're taking our ball and going home"). I still don't believe Greece is enough to take down the global financial markets, derivatives included or otherwise (Spain or Italy or France might be a different story, though). As far as I'm concerned, Greece is a big problem for the EU but not so much for the US or for Asia.

However, that said there's this tidbit I copied to my notes:

"Athens must find €1.5bn in the first three weeks of [June] ... The IMF added there was 'no possibility for the Greek authorities to repay' more than €11bn in obligations due over June and August without a release of emergency cash."

And the emergency cash they are trying to get released only totals around €7.5 bn. And that is basically borrowing money to pay the immediate payments on the previously borrowed money. What then, once we get past August which assumes they can come up with the other €4 bn during the June-August time frame?

 

[tanstaafl]

Ask that question again in a couple of months. Who knows, TPTB may die, we may all die, and maybe the horse will learn to sing!

(A little paraphrased sci-fi reference ...)

 

[Melodi]

Greece warns it is set to default on debt repayment loans

http://www.theguardian.com/world/20...-it-is-set-to-default-on-debt-repayment-loans
Interior minister says Athens simply cannot satisfy IMF deadline next month unless it works out a deal with eurozone creditors


Phillip Inman Economics correspondent

Sunday 24 May 2015 19.37 BST
Last modified on Monday 25 May 2015 01.15 BST
Greece has threatened to default on €1.6bn (£1.14bn) of debt repayment due on international bailout loans next month, claiming it does not have the funds to satisfy creditors at the same time as paying wages and pensions.

The Greek interior minister, Nikos Voutsis, a long-standing ally of the prime minister, Alexis Tsipras, insisted the country was near to financial collapse. In an interview with Greek television station Mega TV he said Athens needed to strike a deal with its European partners within the next couple of weeks or it would default on repayments to the International Monetary Fund that form part of its €240bn rescue package.

Voutsis said: “This money will not be given and is not there to be given.” His comments came as the finance minister, Yanis Varoufakis, repeated his warning that the entire euro project would be undermined without a deal that proved acceptable to the Greek people. Varoufakis told the Andrew Marr show that the Syriza-led Greek government has now “made enormous strides at reaching a deal”, and that it is now up to the European Central Bank, IMF and European Union to do their bit and “meet us one-quarter of the way”.

With crucial debt payments looming, combined with the need for Athens to find around €1bn to pay public sector wages and welfare payments in the first week of June, the eurozone appeared to be entering the final chapter in its dispute with Greece. Tsipras wants the EU, ECB and IMF to release a blocked final €7.2bn tranche of the bailout without imposing tough reforms and spending cuts agreed with the previous right-of-centre administration.

Greece has spent the last four months wrangling with Brussels and the IMF following the election of the anti-austerity Syriza party in January. While some senior figures at the EU Commission and IMF have urged greater flexibility from creditors — and Greek ministers have appeared to drop demands for a higher minimum wage — both sides have so far failed to find a compromise deal.

Tsipras has attempted to persuade Angela Merkel to strike a broader deal that includes the refinancing of the entire bailout package in return for commitments to tackle tax avoidance and a re-making of the Greek welfare system, without success.

Syriza’s domestic position was bolstered on Sunday by a poll that showed cash-strapped Greeks remain supportive of the government’s tough negotiating stance, though they rejected a return to the drachma, saying that any deal with creditors must retain the euro as the Greek currency. The poll conducted in May by Public Issue, for the pro-government newspaper Avgi, showed 54% backing the government’s handling of the negotiations despite concerns that the country has been taken to the brink of financial collapse.

A total of 59% believe Athens must resist demands by creditors for further austerity measures, with 89% against pension cuts and 81% against mass lay-offs. Aware that broad electoral support for his government could collapse without a deal that retains the euro, Tsipras warned his far-left supporters, many of them newly elected MPs with little experience of EU negotiations, that they must compromise in talks with creditors.

In a speech to his party’s central committee on Saturday, reported in the Greek newspaper Kathimerini, Tsipras said Greece is in the final stretch of negotiations and is ready to accept a “viable agreement” with its creditors but not on “humiliating terms.” He ruled out submitting to what he described as irrational demands to apply a 23% VAT rate across the board and further labour reform. Echoing Varoufakis, he called on lenders to make “necessary concessions”. He said: “We have made concessions but we also have red lines.”

In a barely veiled reference to Berlin, Tsipras told the committee that many European governments would happily see Greece fail in its talks and be forced to leave the euro. He is under pressure to agree a deal that excludes fresh austerity measures from members of the hardline “left platform” within the party, led by the energy minister, Panayiotis Lafazanis, who have refused to approve any deal that departs from pre-election promises.

Lafazanis, according to reports, has been working on a proposals to find alternative sources of funding that would allow Greece to walk away from a deal. But his search, which has included seeking cash from Russia, have drawn a blank.

 

[Knoxville's Joker]

The EU banks are well forked without a Greek default. Will they be able to keep things rolling with a default?

Most likely Greece will go toward China....and maybe China will bailout the banks.

They will even get to dictate the fine print.

I would say this could be a good in road for China to post troops in Greece. China could also offer to bail out and make the fine print so devastating to the greeks that they refuse the deal and get told point blank if they don't go with China we will come in anyway to quell the chaos as your brethren are incapable of controlling the situation. In that case I would not view it as an invasion per se. More as a police action to force adult like and good behavior.

 

[TimeTraveler]

Greece is known as the birthplace of Democracy. It would only be fitting that the "great Global reset" starts there.

 

[Melodi]

Greece actually is likely to end up as being in the Russian sphere of "influence," if they are totally dumped by the EU; in fact there have already been some talks with Putin behind the scenes. Historically Greece and Russia have very close ties (The Russ chose Greek Christianity over the Roman when they converted and there was lots of trade going on long before that). I think this is one elephant in the living room why the EU is trying so hard to figure out a way to pretend this is fixable, because they know if they dump Greece entirely then Russia will likely start sending aid; in exchange for a couple of Russian military bases and such of course.

 

[Dozdoats]

The first domino has to fall somewhere. Might as well be Greece.

 

[Richard]

Greece actually is likely to end up as being in the Russian sphere of "influence," if they are totally dumped by the EU; in fact there have already been some talks with Putin behind the scenes. Historically Greece and Russia have very close ties (The Russ chose Greek Christianity over the Roman when they converted and there was lots of trade going on long before that). I think this is one elephant in the living room why the EU is trying so hard to figure out a way to pretend this is fixable, because they know if they dump Greece entirely then Russia will likely start sending aid; in exchange for a couple of Russian military bases and such of course.

Presume Greece would have to leave NATO first.

Anyway if some other country lends them money then they'll probably default on those loans eventually.

 

[Oreally]

I maybe missing an important fact or date but from what little I can find about the Greece repayment schedule, the next payment is not officially due until June 5. So while they have announced they won't be able to make that payment, it remains to be seen how big an issue that is for THIS week vs. when they actually miss the payment NEXT week.

it's all the unfathomable realm of human mass panic psychology. it could flick over into chaos with any input now any time now.

 

[Sleeping Cobra]

Don't borrow if you can't pay back.

 

[Dozdoats]

Don't borrow if you can't pay back.

Don't lend to people who can't or won't pay it back.

Remember: All debts are always paid - either by the borrower, or by the lender.

 

[Melodi]

Don't borrow if you can't pay back.

Don't lend to people who can't or won't pay it back.

Remember: All debts are always paid - either by the borrower, or by the lender.

And don't expect average citizens to be willing to endure unemployment, homelessness and starvation for years, in order to "save" a bunch or banks or because ten to fifteen years ago a previous government made some really stupid decisions; decisions encouraged by the same bodies (IMF/EU/World Bank etc) who are now demanding blood out of a turnip.

Hint- people just won't do this; first they will complain, then they will protest, then they will riot, then they vote for whomever looks like will stop the madness and if that doesn't work you may get civil war. The higher the education of a population and the further their fall into desperate poverty (like from Middle Class to suddenly nothing) the faster this process is likely to take place.

The bottom line is: THERE IS NO MONEY - the moral situation aside, when banks loan out that much cash and the entity who borrowed it simply can't pay - THE BANKS (or in this case the IMF/EU/BANKS ETAL) have a problem.

 

[Meadowlark]

Hey, lets loan them more money so they can pay their loan payments and continue the merry to round.

 

[Melodi]

Hey, lets loan them more money so they can pay their loan payments and continue the merry to round.

I didn't say that either, I'm just pointing out that the situation is not exactly the same as an individual who takes out a home loan, knowing they can't possibly pay for it and lies about their income to get it; that person harms themselves and the bank; an entire country whose former politicians have done this is in a different situation and honestly how many people here would just sit back and watch they kids be hungry (real hunger, some parents are leaving their kids at orphanages because they can't feed them) or be willing to live in a card board box because "opps" the US debts just all got called in - so sorry your a surplus to need person, please just die now.

People don't think nor act that way, now personally if I were Greek I would have done my best to use that EU Passport and get out a long time ago but many people still there don't have any money left to do this (or so they say). Most of the professional people HAVE left unless they have some burning reason for staying (elderly parents or like friends of ours they live in a spectacular rural area and own their own B and B; they still get enough tourists to get buy and the community helps feed each other); so yes people do have individual choices here too. I think a lot of folks just figured "that could never happen" until it actually did and then once your in the card board box or living in your car; it can be very difficult to get out at that stage.

 

[TammyinWI]

Great advice, all of it.

Unfortunately this was a set up...it was all done by design. TPTB have long planned to ruin the global economy...among other things.

They must be power-trippin' all over each other.

Don't borrow if you can't pay back.

Don't lend to people who can't or won't pay it back.

Remember: All debts are always paid - either by the borrower, or by the lender.

 

[Richard]

I maybe missing an important fact or date but from what little I can find about the Greece repayment schedule, the next payment is not officially due until June 5. So while they have announced they won't be able to make that payment, it remains to be seen how big an issue that is for THIS week vs. when they actually miss the payment NEXT week.

this week next week makes a fractional and non consequential nit picking difference

 

[Richard]

And don't expect average citizens to be willing to endure unemployment, homelessness and starvation for years, in order to "save" a bunch or banks or because ten to fifteen years ago a previous government made some really stupid decisions; decisions encouraged by the same bodies (IMF/EU/World Bank etc) who are now demanding blood out of a turnip.

Hint- people just won't do this; first they will complain, then they will protest, then they will riot, then they vote for whomever looks like will stop the madness and if that doesn't work you may get civil war. The higher the education of a population and the further their fall into desperate poverty (like from Middle Class to suddenly nothing) the faster this process is likely to take place.

The bottom line is: THERE IS NO MONEY - the moral situation aside, when banks loan out that much cash and the entity who borrowed it simply can't pay - THE BANKS (or in this case the IMF/EU/BANKS ETAL) have a problem.

Under any monetary system money is loaned out whether this is private debt, corporate debt or public debt, even under communism, the Greeks cannot expect their defaulted debt to last indefinitely to the detriment of the lender, we loan money to the Greeks they squander it, why should the lender suffer monetary loss if the recipient of the loan fails to make good use of the money, the Greeks are screwing the lender not the other way round.
Poverty is due to people not making good use of money which is loaned out to them. We are the losers not the Greeks.

If they complain where is the money coming from, another debt from Russia or the Greek National bank or somewhere else?

No one on this forum has a clue about monetary creation except a few called Terry but they have a marginalised view of the monetary system.

 

[Dosadi]

There has never been a Democracy that did not end a dictatorship.

We, the US, let our oligarchs treat our Constitutional Republic as a democracy and look where we are today.

Saying you can't pay before its due may be a pressure tactic to get adjustments to terms, but it sure looks like a greek default.

 

[Melodi]

Under any monetary system money is loaned out whether this is private debt, corporate debt or public debt, even under communism, the Greeks cannot expect their defaulted debt to last indefinitely to the detriment of the lender, we loan money to the Greeks they squander it, why should the lender suffer monetary loss if the recipient of the loan fails to make good use of the money, the Greeks are screwing the lender not the other way round.
Poverty is due to people not making good use of money which is loaned out to them. We are the losers not the Greeks.

If they complain where is the money coming from, another debt from Russia or the Greek National bank or somewhere else?

No one on this forum has a clue about monetary creation except a few called Terry but they have a marginalised view of the monetary system.

I hear ya, so if the UK were for some reason in the same boat, what would personally suggest people there do to survive the situation? In some ways the UK would be worse if this ever happened because they are an Island; people can of course get on boats but in Greece people can start walking. I have wondered a few times why the most desperate don't do just that, I probably would if I could do so.

 

[Richard]

I hear ya, so if the UK were for some reason in the same boat, what would personally suggest people there do to survive the situation? In some ways the UK would be worse if this ever happened because they are an Island; people can of course get on boats but in Greece people can start walking. I have wondered a few times why the most desperate don't do just that, I probably would if I could do so.

The Greeks have to gain control over their economy, establish productive wealth creating companies to ensure that they are not dependent on foreign loans, why should anyone else bail them out, why should a productive nation or company bail out a completely parasitic entity when this entity is parasitic and will bring down the holistic productive entity. This has nothing to do with left or right wing policies. This is the whole fallacy of socialism.
I find it offensive that socialists such as you resort to the refugee argument, that more successful societies should absorb those from failing societies usually socialist or totally incompetent organisations.

 

[Possible Impact]

Economics condensed into one phrase: If your out-go exceeds your income, then your upkeep will be your downfall.

 

[Melodi]

The Greeks have to gain control over their economy, establish productive wealth creating companies to ensure that they are not dependent on foreign loans, why should anyone else bail them out, why should a productive nation or company bail out a completely parasitic entity when this entity is parasitic and will bring down the holistic productive entity. This has nothing to do with left or right wing policies. This is the whole fallacy of socialism.
I find it offensive that socialists such as you resort to the refugee argument, that more successful societies should absorb those from failing societies usually socialist or totally incompetent organisations.

At the moment, they are EU citizens, I was saying what I personally would do if I thought MY family was in danger of starvation or homelessness and I had a passport that would let us take a chance by going elsewhere; where hopefully there might be employment.

I did pretty much that in the early 1980's when a huge recession hit the US and there were 40 applications for every food service job where I lived; I managed to get a live-in baby sit job via friends in Denver and borrowed the money from my Mother for a one way bus ticket. Once at the job, I was told it was OK to take a second job and I took one at a call center (those used to be US based, not in India) by the time my babysitting job fell apart a month later (the wife's Father had a stroke and they could no longer afford live-in help) I had made contact and moved in with friends; I worked pretty much full time for temporary agencies until I got full time employment. I also went to night school to train for office work and was hired for a civil service job before my classes were even finished; I worked there five years until I relocated to California.

I was however young, single and had no children; but basically I got on a bus to leave an area where there were no jobs (even the employment office admitted there was nothing) to a city where there were jobs; right now Greeks can legally do the same thing in the EU. I'm not sure I could manage something like that at my age, certainly not alone but I would have encouraged my husband to do this three years ago when things started falling apart if we had been in that situation.

That's not talking socialism, that's taking steps to try to care for your own situation rather than waiting to be a victim when you can help it!

 

[TammyinWI]

I literally have been waiting for the other shoe to drop since '08. Could this be the thing that puts us all over the cliff?

I filled up the gas tank tonight, just in case...but the possibility of debit cards/credit cards failing to work seems so surreal.

It is coming sooner or later.

 

[Kris Gandillon]

Did you know the economy of Greece is approximately the same size as the economy of Connecticut? About $242 billion in GDP. A trusted financial adviser was discussing the Greece situation with me today. In his opinion they will probably find a way to kick the can further down the road once again and even if they don't, it is not that big a deal in the grand scheme of things HERE in the USA. It would suck for the Euro and the European Union but he projects it would be a relative nothing-burger here in the US. I guess we will soon see.