"The dire nature of the situation" indeed.

I wholly agree with you, Bill. I would have assumed the most important aspect of creating a "union" out of old empire nations was to preserve what made them unique and capitalize on it. That didn't happen and now that Greece is trying to leave and recover what they can, the bankers who blew it are crying foul. Sorry, but banker intervention from the beginning is what was foul.

Do banks really care if the EU falls apart? Nope. They want MORE MONEY in the form of additional stimuli. In the book: Fiat Money Inflation in France by Andrew Dickson White (economic corruption leading to the French Revolution) written in 1876- America's first banker bamboozle attempt, it says the original issues of fiat money were worth more than the subsequent, making those issue Notes a commodity disguised as stimuli. In otherwords, the more subsequent issues, the higher the value of the original issue pieces of paper. Much like then, bankers never had an interest in helping anyone but themself.   

So who stands to lose if Greece votes to leave the EU? Most Americans wonder what exposure we have in the debt that will potentially default. The answer is-- not much.

Much like in 1905, the Bonds associated with the debt were sold in very large increments to-- the big businesses that terminated all of us over the past 5 years! That's right, American corporations fired their workforces to become more cash-rich than ever in history. The Founders had all passed on, so the Board seats and all the executive positions were either recently appointed or hired-in. They sold off factories, machinery and proprietary secrets to foreigners, increasing the cash reserves even more. Notice how the Fed's Bank Rate hovers just above ZERO? Who does that help, except big businesses that borrowed on top of those record cash reserves. They invested all that amassed wealth in EU Debt were the boasted return would have been enormous. As I said... much like 1905, the consumer simply tapped out.

America needs to block any further issues of fiat currency and deny banks another bail-out. What fails is the hollow shell of big corporate platforms with divicive management but no assets. No big business retains the machinery that gave it substance, the operations expertise that let it function and the skilled labor that generated the quality. All they are is a Brand with iconic value. Here is a chance to recover folks...

I get the impression that "V_L" is pushing the wornout Socialist line that people have a right to expect anything from government even if the government can't afford it--i.e. is unable to collect enough taxes from its own people to hand out to other people. While a Socialist government can get away with this as long as it is only taxing its own people--to the extent that its own people will allow it--it most certainly cannot forever get away with it by borrowing additional money from other nations and other people. Eventually other nations and banks (and their depositors like you and me) are going to realize that it will never be repaid and will stop sending good money after bad. Then that government and its people will have to learn to live on what they have, and adjust accordingly. This might be called "austerity", but most of us call it "living within your means".

Apparently "V_L" doesn't realize that the Greek people have let their "real lives", as they have come to know it, become only possible by more and more government debt. There comes a time when other people will no longer buy this debt, because it becomes obvious it will never be repaid. Then the peoples' "real lives" will have to adjust to not having other peoples' money.

I'm not being superior here--we in the US will someday be in the same jam since we have so many people who do not realize their lifestyle is dependent on the government running huge deficits. Or if they do realize it, they think they're entitled to it, and/or think it can go on forever.

Merkel says: There will be no renegotiation of the contract.

Wikipedia says: A contract is an agreement entered into voluntarily by two parties or more with the intention of creating a legal obligation, which may have elements in writing, though contracts can be made orally.

Please note the word-- "voluntarily". Greeks did not voluntarily enter any contract. Government Officials did while thousands protested. At no time did the negotiated contract actually do anything good for the People of Greece! Austerity (hack a leg off to lose weight) was worthless. It always is recommended when the maker of the contract will gain advantage from it. Knowing that the cause of the debt was a waning of exclusivity in traditional exported products, what did the EU do to revive exclusivity, thereby create strength in the revenue stream that would honor and settle the debt? Nothing. THAT, is precisely what is at stake here. Nothing ventured, nothing gained. Fiat money is not real money. The machinations of financiers should never interfere with real life and lives-- ever.