Greece Getting Ready to Dump the Euro

It looks like Greece may dump the Euro and re-institute the Drachma!

I just wrote about Greece, but here is another important story from the Telegraph: “Greece draws up drachma plans, prepares to miss IMF payment.”

Greece is drawing up drastic plans to nationalise the country’s banking system and introduce a parallel currency to pay bills unless the eurozone takes steps to defuse the simmering crisis and soften its demands.

Sources close to the ruling Syriza party said the government is determined to keep public services running and pay pensions as funds run critically low. It may be forced to take the unprecedented step of missing a payment to the International Monetary Fund next week.

Greece no longer has enough money to pay the IMF €458m on April 9 and also to cover payments for salaries and social security on April 14, unless the eurozone agrees to disburse the next tranche of its interim bail-out deal in time.

“We are a Left-wing government. If we have to choose between a default to the IMF or a default to our own people, it is a no-brainer,” said a senior official.

“We may have to go into a silent arrears process with the IMF. This will cause a furor in the markets and means that the clock will start to tick much faster,” the source told The Telegraph.

The fuse is burning low, and you can bet international bankers are working many late nights, trying to figure out how to keep their profitable scams going.

If Greece misses their April 9 payment to the IMF, a six week countdown to financial Armageddon begins for Europe—and for the major American banks. Of course, our bankers will sleep well, since Congress gave them a get-out-of-stupidity-free-and-rich card when they passed the CROmnibus.

Pop some more popcorn.