Why we all should worry about the Greek debt crisis…

Greece has borrowed more than it can afford to repay. Because creditors were worried this could happen they charged higher interest rates even as Greece’s GDP income fell. It both had to repay more and was earning less. What should scare you is that France and Italy’s banks are the chief creditors – two of the richest 10 countries in the world. Their banks go under? We have a new Credit Crunch. This explains the likely outcomes, and how a little southern European country could impact on how much Aussies can screw out of their bank manager in a loan or mortgage.

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