Greece, Ireland, Portugal, and Spain cannot pay down their debt. It is now a matter of whether the debt will be monetized (euros printed and bonds purchased) by the European Central Bank, just as the Fed is doing here in America, or if they will allow the debt to be restructured.
The process is fascinating to watch, and it will only take one domino to fall to bring us into the next chapter of the financial crisis.
In the meantime gold and silver believe that there will be no restructuring and the answer will come from the printing press. (As do I) Both metals rocketed to new highs this afternoon.
