Terrence Keely: Hard Default Is Only Way Out For Greece

This is a brilliant interview with Terrence Keely discussing the Greek debt crisis.  He talks about how European banks aren’t prepared for a Greek default due to the amount of money they will end up losing.  They are thus putting pressure on the governments of Europe to try and kick the can down the road and pretend Greece will be able to pay them back later.  The fact is Greece’s economy is too structurally unsound (too many people working for the government and in service sector jobs) that they could ever have a prayer of paying back their creditors.