UK Telegraph - What happens when Greece defaults / It is when, not if. Financial markets merely aren’t sure whether it’ll be tomorrow, a month’s time, a year’s time, or two years’ time (it won’t be longer than that). Given that the ECB has played the “final card” it employed to force a bailout upon the Irish – threatening to bankrupt the country’s banking sector – presumably we will now see either another Greek bailout or default within days.
What happens when Greece defaults. Here are a few things:
- Every bank in Greece will instantly go insolvent.
- The Greek government will nationalise every bank in Greece.
- The Greek government will forbid withdrawals from Greek banks.
- To prevent Greek depositors from rioting on the streets, Argentina-2002-style (when the Argentinian president had to flee by helicopter from the roof of the presidential palace to evade a mob of such depositors), the Greek government will declare a curfew, perhaps even general martial law.
MSNBC: Tepco confirms meltdowns at 2 more Fukushima reactors: The operator of the nuclear power plant at the center of a radiation scare after being disabled by Japan's earthquake and tsunami confirmed Tuesday that there had been meltdowns of fuel rods at three of its reactors. Tokyo Electric Power Co said meltdowns of fuel rods at three reactors at the Fukushima Daiichi plant occurred early in the crisis triggered by the March 11 disaster. The government and outside experts had said previously that fuel rods at three of the plant's six reactors had likely melted early in the crisis, but the utility, also known as Tepco, had only confirmed a meltdown at the No.1 reactor. Tepco officials said a review since early May of data from the plant concluded the same happened to reactors No.2 and 3. Read more
Oklahoma tornadoes: Several large tornadoes touched down in Oklahoma on Tuesday afternoon. At least five people are dead and 60 others injured. Read more
May 25, 2011 –MANILA, PHILIPPINES – A fierce storm approaching the Philippines intensified into a typhoon on Wednesday, the government said, warning it would unleash heavy rains across the main island of Luzon. Typhoon Songda was expected to slam into the remote and mountainous northeast of Luzon on Friday, although it could change course and head towards more populated areas near the capital of Manila, forecasters said. “We are asking the public (in storm-affected areas) to postpone travelling and stay indoors,” chief state weather forecaster Graciano Yumul said. “The public must follow instructions by their officials to prevent a possible tragedy brought by Chedeng (Songda).” Forecasters said the typhoon, with sustained winds of 130 kilometres (80 miles) an hour and gusts of 160 kilometres an hour, was powerful enough to blow away roofs, uproot trees, damage crops and cause landslides. Forecasters said Songda was expected to bring nearly as much rain as Tropical Storm Ketsana in 2009, which flooded about 80 per cent of the capital and killed more than 400 people. Read more
May 24, 2011— MANALI, India - Devastating thunderstorm and heavy rains coupled with hailstorm on Saturday destroyed agricultural and horticultural crops in many villages in Kullu and Mandi district of Himachal. Read more
May 24, 2011 – MOSCOW — Russia has reported 421 wildfires burning in forests and peat bogs over the past 24 hours, covering an area of 116,098 hectares (450 sq miles). The fires were mainly confined to remote parts of Siberia and the Urals, with no blazes reported near Moscow and other central Russian cities. But the area on fire is twice the size of that for the same period last year. Drought, fires and smog left dozens dead and ruined crops in 2010, and there are fears of a repeat disaster. Read more