The expert in the above video draws some excellent conclusions that the problem is not Greek debt or even the Italian debt but the currency war between the Dollar and the Euro. However, since the same powers that control the Dollar also control the Euro, the real game plan is to destroy both the Dollar and the Euro at the same time to bring in a true Global Currency which has also been planned by the PTB for a long time now. It seems that the time to implement the plan to foist an unelected Global Government upon the world has now come, which is why this crisis which was supposed to have been fixed with 700 billion dollars back in 2008 keeps getting bigger and bigger and bigger...
Credit rating agency Moody's has cut Greece's rating, warning that a planned debt swap would constitute a default.
The rating was cut another three notches from Caa1 to Ca - just two more notches shy of a default rating.
"The announced EU programme... implies that the probability of a distressed exchange, and hence a default, on Greek government bonds is virtually 100%," the agency said.
The debt swap would increase Greece's borrowing terms by up to 30 years.
However, a statement last week from the Institute of International Finance - a trade body representing global banks and other major lenders - conceded that the debt deal would cost private sector creditors an estimated 21% of the value of the Greek debts they currently hold.
It comes after another rating agency, Fitch, warned that it too expected the deal would mark a "selective" debt default by Athens.
The debt exchange with private sector lenders is part of a comprehensive package announced on Thursday by European leaders to shore up the euro and prevent the Greek debt crisis from spreading to other economies, notably Spain and Italy.
The Contagion will spread to Spain and Italy, and the rest of the Eurozone, nothing has been fixed, nothing will be fixed, and nothing can be fixed. Look for Déjà vu all over again! and again! and again!....