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One Wall Street Seer Says the Greek Tragedy Is Near – NYTimes.com

If you want to be scared, truly terrified, listen to Mark J. Grant…

For the last two years, Mr. Grant, a managing director based in Florida at a regional investment bank, has been predicting the bankruptcy of Greece and a cascade of chaos across the global economy, attracting quite a following on Wall Street in the process.

“Greece will be forced to return to the drachma and devalue, and the default will cause bank runs and money flowing into Germany and the United States as the only viable safe haven bets,” he declared the day before Sunday’s Greek elections, irrespective of which party would win. “Greece will default because there is no other choice regardless of anyone’s politics.”

He then walked through the falling dominoes: “It will hit the (European Central Bank), the banks on the other side of the derivatives contracts, all of the Greek banks who are really in default…

via One Wall Street Seer Says the Greek Tragedy Is Near – NYTimes.com.

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