Greenspan Expects Greece Will Default, He Tells Charlie Rose

Alan Greenspan, former U.S. Federal Reserve chairman, said the probability of a default by Greece is “so high that you almost have to say there’s no way out” and some U.S. banks may be left “up against the wall.”

“The chances of Greece not defaulting are very small,” Greenspan, 85, said in an interview today with Charlie Rose in New York. “The problem you have is that it’s extremely unlikely the political system will work in such a manner as to create” a solution.

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