Greece defaults – It had to happen

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Today it is Greece, tomorrow it could be some other nation. This is not about an underdeveloped or developing country but a developed country. And that’s quite a news.  One wonders what does it indicate? Is it the fall of Euro, fall of EU or fall of the world economy?

If you are a regular reader of what is going on in the world economy, the news of Greece defaulting on the International Monetary Fund after years of struggle should not surprise you nor will you be surprised when you hear more such defaults gradually leading to the impending economy crash across the the world.

Interestingly, this precisely was the scenario a great saint and visionary,  A.C. Bhaktivedanta Swami Prabhupada had predicted a few decades back. We are simply seeing the beginning of that grand collapse. In a godless society where economic growth is based on sinful activities and rampant speculations, such collapse is inevitable.

Greece defaults on the International Monetary Fund after launching 11th hour attempt to agree new rescue deal – Telegraph

http://www.telegraph.co.uk/finance/economics/11709473/Greece-defaults-on-the-International-Monetary-Fund-after-launching-11th-hour-attempt-to-agree-new-rescue-deal.html Greece has become the first developed country in history to default to the International Monetary Fund. The cash-strapped nation failed to make a €1.5bn payment to the IMF by an 11pm deadline on Tuesday, triggering an arrears process which was last suffered by Zimbabwe in 2001.

In a statement, the IMF said: “We have informed our Executive Board that Greece is now in arrears and can only receive IMF financing once the arrears are cleared.” Greece now joins an ignominious list of states including Sudan, Zambia and Peru who have failed to make their commitments to the world’s “lender of last resort”.

Read full story Greece defaults on the International Monetary Fund after launching 11th hour attempt to agree new rescue deal – Telegraph Featured Image credit: http://www.telegraph.co.uk/finance/enterprise/11526081/Greek-exit-fears-shake-confidence-in-UK-growth.html