G20 Makes Plans For Athens To Default On Debt

Meltdown Fears For Euro As G20 Makes Plans For Athens To Default On Debt -- The Independent

Finance Minister signals Greece may opt for 50 per cent writedown on bonds as top economist warns Spain and Italy could be forced out of single currency

The world's leading economic powers are moving towards an acceptance that Greece will default on up to half of its €350bn sovereign debts, according to reports from meetings in Washington yesterday. They are believed to be working on concrete plans to deal with these huge losses and their repercussions.

This news – almost regardless of any words of qualification that emerge this weekend – will have a resounding effect on the febrile markets when they open on Monday.

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My Comment: The Asian markets are tanking

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