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NORTH PORT, Fla., July 7, 2015 /PRNewswire/ -- On July 5th of 2015, Greeks voted "NO" on the proposed bailout program by the Euro Zone, which increased the likelihood of a Greek exit from the Euro Zone, also known as "Grexit", and while many financial analysts say that "Grexit" is already priced in by the markets, Dmitri Chavkerov, CEO of world's largest forex reviews website Forex Peace Army, thinks quite differently.
"First of all, just because Greeks voted 'NO' doesn't mean that Grexit will occur. Having said that, if Grexit does occur, all eyes will be on Greece, in terms of how deep of a turmoil it will go into, for how long will it stay in turmoil, and how much better life becomes for the average citizen there after it comes out of turmoil," says Dmitri Chavkerov.
"Considering that Greece will be debt free, while the Euro Zone would be left to deal with Greek's debt burden, and considering that both China and Russia might just lend Greece a hand, due to current standoff between Russia and the US, plus with Greeks being likely to be happy about the Grexit, and united in their efforts to restructure Greece's economy, the turmoil might just be not as deep, and the recovery might just not last as long as the world would expect it to last. And if Greece has a relatively happy ending, the other countries in the EU that have strong anti-EU sentiment and significant debt burdens, such as Italy, Spain, Portugal, and eventually even France might just follow into Greece's footsteps, which would collapse the Euro Zone, and end the Euro currency," says Chavkerov.
originally posted by: Painterz
There's been plenty other defaults that haven't lead to global financial apocalypse.
Bankers are just talking up the risks because they don't want to take a hit when a large chunk of this debt is written off.
originally posted by: TomLawless
I don't think China is linked to Greece, but I'm defintely more concerned about what's happening there.
If they keep spiraling, what does that mean for the rest of us. I'm not sure, but I think it's got ominous implications.