It is only a matter of time until Greece has a hard default, says economist Desmond Lachman, and...

|By:, SA News Editor

It is only a matter of time until Greece has a hard default, says economist Desmond Lachman, and that's just the tip of the iceberg. With over $3.9T in sovereign debt divided up amongst the PIIGS, what's at stake here is the heart of the European banking system and the whole European experiment. If the European banks take the hit, that could cause a massive Lehman moment.