When most people think of Greece two things usually springs to mind – their sprawling ancient history and the numerous plays depicting the various misfortunes of life, know as tragedies. However, this is all changing now with current day tragedy of deficits, cuts and riots unfolding every day in Greece!

Since the credit crunch of 2008 Greece has been bailed out several times by the ECB and IMF, but this has not necessarily been to save Greece but to save the Euro and the shaky foundations on which the Eurozone is currently standing on.

Watch the short video below to get an overview of what is happening in Greece, and what could potentially happen here in the UK and other parts of the Western world!

httpv://www.youtube.com/watch?v=X9UVx3L2dHo

So there we have it! Ultimately when Greece entered the Euro it entered with cooked books, everybody knew it and now, on that foundation, the Euro is simply looking like an experiment gone wrong!

You may be asking yourself well what has this got to do with me?  Well the international banking system is so intrinsically linked if Greece defaults then various financial institutions around the world, including UK banks, will be exposed to their debt and this would create a major global catastrophe.

The Eurozone debt problem does not just lie at the feet of Greece but all the PIIGS country  – (Portugal, Ireland, Italy and Spain). The latest happenings now is that Italy’s borrowing costs has hit a record 7% , with today’s Guardian headlines states ‘European debt crisis spiralling out of control – And ‘Reports that Germany and France have begun talks to break up the Eurozone amid fears Italy is too big to rescue.’

I have been writing about the deterioration of the Euro since last year and now with this new development it would seem my perceptions were correct! One cannot solve a debt crisis with debt!! So will the Euro be here this time next year? Maybe, maybe not, but if it is not as we know it!

To end, the tragedy is not so much a Greek one but a Eurozone one! And one that highlights their desperation to save the Euro against all odds!  As always I recommend anyone watching this scenario play out to put a part of their savings in gold. Why? Because Gold is a crisis commodity! I.e. in times of crisis go to gold!  Not only that but our governments are broke this is nothing new…governments like companies do go broke but as such they will break their promises to their citizens in order to survive which means pensions and benefits will continue to decrease and taxes to rise; including introduction of new taxes and the continuation of stealth tax such as inflation.

This is why it is important…no imperative….that one gets financially savvy by protecting your assets (Gold, SIPP) and creating your own personal economy – a course I actually teach on.

If you want ideas on how to do this then do arrange a consultation with me as well as attend this weekend’s wealth creation event Wealth Wizard , this coming Saturday 12^th November, where I will be speaking on the subject of Gold and why now is the time to purchase it!

Until next time to your financial success and becoming financially savvy.

Butterfly Wealth Creation