Greek default - consequences

These are the headlines from Bloomberg...

Greece Default Risk Jumps to 98%

Greece’s chance of default in the next five years has soared to 98 percent as Prime Minister George Papandreou fails to reassure international investors that his country can survive the euro-region crisis.

Business Insider has an excellent backgrounder on who would be affected by a Greek default (and how).

REMINDER: Here's Who Gets Crushed If Greece Goes Bust

Business Insider

Greek prime minister George Papandreou passed new measures that cut wages and raise taxes, to help Greece meet deficit targets necessary for its next tranche of loans.

Protestors took to the streets to oppose the measures, but ECB president Jean-Claude Trichet announced that Greece most likely will receive the next round of funding but European markets barely reacted to the news.

But the rest of Europe still needs to approve the new bailout agreed to in July. If there is no consensus, Greece will likely be unable to pay its bills, and will default on its debt.

To see who would be affected CLICK HERE

Here is very good commentary on the European situation from RT.

Germany to turn its back on Italian and Greek  troubles