Greece has a 100% chance of defaulting, according to noted financial historian Niall Ferguson.
Ferguson, a history professor at Harvard University and a Bloomberg Television contributing editor, presented his dire outlook for the Greek debt crisis in an interview this morning.
“The key point here is that this has moved from being a crisis of public finance on the periphery,” according to Ferguson, “to being a major institutional conflict between the biggest economy in the European Union (EU) and the European Central Bank (ECB).”
Ferguson also noted that Greece has a history of defaults going back to the early 19th century. When asked on a scale of 1 to 10 what the chances of another default are, he responded with a ten.
The Harvard professor’s comments follow yet another downgrade of Greek debt yesterday by Standard & Poor’s, which reduced its rating to CCC, the lowest rating among any sovereign nation it covers. In its report, S&P wrote that Greece is “likely to restructure its debt.”
Despite the dire predictions from Ferguson and S&P, the euro currency advanced on Tuesday against the U.S. dollar, by 0.4% to 1.4429 in late morning trading.
West kirkland makes key hire, launches nevada drilling
West Kirkland Mining (WKM.TSXV) announced the appointment of Kent Samuelson to its technical team as Manager, Nevada & Utah. Mr. Samuelson is a Professional Geologist with more than 25 years of exploration and development experience throughout the western United States. The company also announced the start of drilling on the KB Property in Nevada. Major Drilling America, Inc. has mobilized a reverse circulation rig to the property and is drilling targets generated by soil and rock sampling. Full West Kirkland Mining Press Release.
