Disorderly Greek Default and Exit from Eurozone?

London, UK - 4th November 2011, 7:55 GMT

Dear ATCA Open & Philanthropia Friends

[Please note that the views presented by individual contributors are not necessarily representative of the views of ATCA, which is neutral. ATCA conducts collective Socratic dialogue on global opportunities and threats.]

1. The possibility of a disorderly Greek default is now rising;

2. It is worth watching the Greek military which was on the verge of causing a coup earlier in the week;

3. Until the defence chiefs of different branches were hastily dismissed and a referendum on the IMF-led bailout and euro membership was announced;

Violence in Athens over austerity measures

4. Under pressure from Germany and France, plans for a referendum have now been cancelled in favour of an unavoidable snap election;

5. The Greek government is on the verge of collapse as the process of disintegration at the centre accelerates;

6. The incumbent prime minister is likely to resign having lost the confidence to govern outright;

7. A new coalition care-taker government may come into play in the interim;

8. There are likely to be serious costs for the Greek economy, more than many of the population realise at present;

9. The political and economic uncertainty will cause further capital flight not only from Greek financial institutions but also other Eurozone members as well;

10. Eventually, Greece may end up defaulting and exiting from the euro in the not too distant future;

11. Consequences for Italy and Spain in terms of the cost of issuing and servicing debt at rising rates may not be benign as they are pushed to the brink;

12. This may cause the Eurozone to dive into a tailspin and European banks to wobble; whilst

13. Eroding the already fragile confidence in the global financial markets and propelling the world’s major economies towards a negative growth trajectory.


What are your thoughts, observations and views? We are hosting an Expert roundtable on this issue at ATCA 24/7 on Yammer.


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Best wishes

ATCA: The Asymmetric Threats Contingency Alliance is a philanthropic expert initiative founded in 2001 to resolve complex global challenges through collective Socratic dialogue and joint executive action to build a wisdom based global economy. Adhering to the doctrine of non-violence, ATCA addresses asymmetric threats and social opportunities arising from climate chaos and the environment; radical poverty and microfinance; geo-politics and energy; organised crime & extremism; advanced technologies -- bio, info, nano, robo & AI; demographic skews and resource shortages; pandemics; financial systems and systemic risk; as well as transhumanism and ethics. Present membership of ATCA is by invitation only and has over 5,000 distinguished members from over 120 countries: including 1,000 Parliamentarians; 1,500 Chairmen and CEOs of corporations; 1,000 Heads of NGOs; 750 Directors at Academic Centres of Excellence; 500 Inventors and Original thinkers; as well as 250 Editors-in-Chief of major media.

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