Sounds ominous, right?
Well, unless Greece can scrape together enough money to pay its bills, the title of this post is going to turn out to be painfully true.
Daniel Hannan writes:
We are approaching end-game. Greece is supposed to pay off its next tranche of debts on 17 October, and the markets are now expecting what this blog has long predicted: a large-scale default. It is conceivable that another rescue package will be put together, and the collapse deferred for a few more months. Either way, though, Europe’s banks are staring at a Lehman moment. This is the tempest long foretold, slow to make head but sure to hold.