It has been a rough 24 hours for the banksters as Iceland and Greece appear to be giving them the shaft. Rumour has it that Latvia is not far behind. Once these initial countries break their agreements with the international banking community, it will set a major precedent and likely clear the path for a domino effect.

Too bad - VHF

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Euro Bankers Fly To Greece For Dramatic Emergency Meeting

Gregory White

January 6, 2010

European Central Bank leaders are flying into Greece today as the debt crisis continues to escalate.

Jurgen Stark, an excutive board member of the ECB, started another scare this morning with his quote in the Italian newspaper Il Sole 24 Ore. “The markets are deluding themselves when they think at a certain point the other member states will put their hands on their wallets to save Greece,” he said.

This, coupled with already established fears on the issue of Greek fiscal security, led to a decline in the Euro in trading this morning.

Greece is now facing an evaluation by ECB leaders as to whether or not they can stay true to their deficit cutting measures aimed at keeping it within the Eurozone's strict budgetary guidelines. Debt markets are also being rattled by this escalation increasing the yield on Greece's ten year treasury bonds. Martin Tyler of the Financial Times added fuel to the fire in terms of Eurozone security today by emphasizing the hardships built into the Euro setup for smaller states and how their escape from these is vital for the Euro's long-term success.