Time to get to work, Mr. President
Greece will most likely default on its debts soon. With the resulting hit its creditor banks in Europe will take, a European financial crisis will break out, triggering a global economic slowdown just a few notches lower in intensity than the 2008 global financial crisis.
A slowdown is no longer a forecast but is already a reality. As a Citi Private Bank regular economic briefing dated 29 Sept. 2011 put it: “Global growth is slowing and systemic risk is rising… Parts of the global economy are probably already in recession; the question for us is how much will it spread and how bad will it get.”