Remember Greece?

I know we have had earthquakes, flash floods and hurricanes to watch....but let's take a quick peak at what is happening in Greece.

They just sold short term IOU's yesterday at 44% interest!!  Yes you read that right...44% interest.

But we should be keeping an eye on Greece, whose 2-year sovereign debt yields have surged to 44%, a record high.

Given that Greece is essentially priced for default, trading at about 56 cents on the dollar, it doesn’t make much difference what it’s yielding right now, but still — something has gone wrong there.

See it here;  http://blogs.wsj.com/marketbeat/2011/08/25/meanwhile-back-in-greece/?mod=wsj_share_twitter

Let's think about this.....if America owes $15 trillion...how much would the interest payments be on that if we had to pay 44% interest to roll over that debt?

I think you know the answer....we couldn't print money fast enough to keep from defaulting...and we couldn't tax the millionaires and corporations fast enough to stop the bleeding.

Hey Germany!....would you send Greece some more of your savings to make their lives a little less painful please!