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Greece inches closer to default

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Greece says it’s willing to pursue a massive selloff of assets in order to raise $71 billion US by 2015 to payback its debt and receive additional funding from the EU and the IMF. But Michael Yhip, President and CIO of Garrison Hill Capital Management, tells BNN that Greece is simply avoiding the inevitable: default.

“This seems to be the end game—probably the eighth inning,” he says. “Greece will probably have to restructure their debt within 3 to 6 months, irrespective of what they’re negotiating right now.”

Yhip believes many of the programs being pursued in order to prevent a default, are simply missing the point.

“Simply extending debt maturities without any cutback in the absolute level of debt is not going to help anybody,” he says.
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