All the new powers given to the European banks (and all the king's horses and men) couldn't put it back together again, and couldn't stop what was inevitable under the existing conditions – Greece has been a ticking time bomb and things closer to disaster than ever.

Everyone already knows how bad things stand to become if it plays out at its worst, so get ready. A Grexit may be in the near future, a Brexit is still very possible, and another round of global financial titanic could be in the works. Time will tell…

The Next Great European Financial Crisis Has Begun

The Greek financial system is in the process of totally imploding, and the rest of Europe will soon follow.  Neither the Greeks nor the Germans are willing to give in, and that means that there is very little chance that a debt deal is going to happen by the end of June.  So that means that we will likely see a major Greek debt default and potentially even a Greek exit from the eurozone.  At this point, credit default swaps on Greek debt have risen 456 percent in price since the beginning of this year, and the market has priced in a 75 percent chance that a Greek debt default will happen.