Www Vitac Com Default News Today : Breaking News, Live Updates & Top Stories | Vimarsana

The question on their minds is the question on our minds, where do we go from here? technical default with the imf. what happens next? >> first and foremost errol, as you are suggesting there were people lining up outside the banks. the sentiment could change rather quickly here. you can go from calm in greece and charts can tilt the other way, the needle goes the other way because the signs of desperation kick in. where do we go from here? first and foremost we are going to new territory. that's for sure. first time an industrialized country, a member of the imf technically defaultd on the im...

We hope we stay in but sentiment is changing so quickly on the ground you can see it going to a no. the other thing that is extraordinary, if you read the travel warnings during the peak tourism season they are suggesting potential food shortages on the island fuel shofrtages. we have seen the u.k. government suggesting potential air lifts if necessary. many are asking the question, maybe turkey would like to help greece. that was the olive branch given by the prime minister of greece to turkey yesterday. and asking if they could help. why can't the european union help itself? do you need a cr...

132%. look at portugal ireland and spain. other countries are worked through and stabilize but not greece. this is the argument today. as we talk another credit rating agency fitch has downgraded greece's debt near default. the discussion is not cutting the long-term debt for greece and more surprises from tsipras. that's why we are in the state of play with we are today, errol. >> it is unkfrlable to see the pensioners waying and uncertain if they have access to their money. the government is out of cash. for all of these reasons and the unexpected actions from the government this past weeken...

Billion worth of bonds in 2002. >> what followed was a decade of debt restructuring with the imf, the currency was devalued unemployment skyrocketed to more than 20%. >> it didn't end there. in fact inflation soared. gdp or gross domestic product the year following the default dropped 11% and the financial uncertainty during that period led to deadly riots, and that triggered political instability. joining us is the professor of international economics at american university. thank you for being with us. just after argentina defaulted 15 years ago we saw unemployment double we saw gdp plummet....