"The Longer you Wait the Higher the Haircut. Greece is not Even in the EU's Hands. Let this be a Warning to the U.S."

http://globaleconomicanalysis.blogspot.com/2011/05/longer-you-wait-higher-haircut-this-is.html

Key Quotes

• The Longer you wait the higher the haircut.
• Germany backed off over bank threats, Europe is ill-prepared for restructuring.
  
• A lot of people talk about getting Greece back on its feet. The truth of the matter is Greece has not been on its feet for several millennium
• 40% of Greek GDP is government workers. Until that problem is fixed there is no solution for Greece's economy.
• The reality is Greece is a goner, Ireland is very, very tough and Portugal is the same. We could have more.
• Keeping the Brady Plan in your back pocket is a very good idea.
• Everyone is clapping their hands this morning but Greek CDS imply a 70% chance of default. The market expects Greece to default, and the market is right
• This is not even in the EU's hands.
• Let this be a warning to the United states. The US can still control its situation, Greece cannot.