"Now that Greece has defaulted (and
it was a default) I believe that in the coming weeks we will see other PIIGS
countries line up for defaults. Indeed, we are already seeing hints of this:
Portugal, Spain urge G20 members to help
ease crisis
Spain and Portugal said on
Saturday the euro zone's debt crisis is a global problem, calling on the United
States and other G20 powers to help contain the fallout.
Spanish Prime Minister Jose
Luis Rodriguez Zapatero urged the G20 countries least affected by the crisis to
provide "urgent stimulus plans" to shield the global economy.
Europe's debt crisis looks
set to dominate the summit of Group of 20 leading economies in France from Nov.
3-4.
Merkel: Must prevent others from seeking
hair cuts
Chancellor Angela Merkel
said on Friday it was important to prevent others from seeking debt reductions
after European Union leaders struck a deal with private banks to accept a
nominal 50 percent cut on their Greek government debt holdings..."
