2011-06-20

Greece will soon default on its sovereign debt

One can now add Alan Greenspan to the growing list of individuals who believe Greece will soon default on its sovereign debt.

In an interview with Charlie Rose this week, the former Federal Reserve Chairman said that a Greek default is now “almost certain,” and that the chances of Greece defaulting are “so high that you almost have to say there’s no way out.”

“The problem you have is that it’s extremely unlikely the political system will work” in a manner that effectively resolves the crisis, according to Greenspan.

With regard to the implications of the Greek crisis for the U.S., Greenspan stated that it has the potential to push America into a double-dip recession. However, he also contended that the U.S. economy is performing reasonably well on its own and is unlikely to re-enter a recession if euro zone officials are able to limit the impact of the problems in Greece.

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