This has the potential to cause a tremendous dislocation in the medium term for the European if not global financial markets, but ultimately may be the only way a pact of monetary and fiscal union will work in Europe.
Marc Chandler, global head of currency strategy at Brown Brothers Harriman, said next week the International Monetary Fund, the European Union and the European Central Bank will visit Greece to evaluate the progress toward meeting the conditions to allow the next tranche of the 2010 aid program.