EL 1093, page-73

Syriza is demanding a 50% cut in its debts. 140-160billion Euros.

Looking at who is owed this debt, not many of these creditors, Italy, Spain, France etc can afford to take a hit of this size, otherwise their own debt problems will come to light.

there will be a massive fist fight before any of these countries accept the massive losses Syriza is demanding.

if agreement can't be found, Grexit looms, and the entire amount below will have to be written off by Europe's banks. Will this cause a flight to gold as it did in 2011 when it broke $US1921/oz?



http://money.cnn.com/2015/01/28/investing/greek-debt-who-has-most-to-lose/index.html