Thursday, June 4, 2015 – 10:00 a.m.
Expect ripples in the financial markets.
Greece, a country where the mainly tourist-driven economy is driven by government jobs and pensions, finally can’t pay its bills.
On Thursday, the country has officially asked to defer a multi-billion euro payment, due to the International Monetary Fund (IMF), on Friday.
In essence it’s a structural default.
The country has even more large payments due down the road.
Any money loaned to Greece may as well be a gift. It’ll never be paid back without robbing Peter to pay Paul!
Other small financially weak European countries are rumored to be on the edge.
Other European nations are trying to force Greece to cut government payrolls and pension payments in order to balance its budget and free up money to pay its debts. A move unpopular within the tiny country. It’s also a move that would likely push the island nation into a depression.
The looming question here: Will Germany pony up any more money for another bailout?