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Greece - What's next?

What's it going to cost?

Europe, German banks, Greece, Ireland, Jamie Dimon, JP Morgan, Karl Denninger, Max Kaiser, On the Edge, US real estate market

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Do you remember the phases of the Greek disaster?

Phase One: "Greece has come problems, but it's the problems are contained there"

Phase Two: "Europe could be effected, but even if there are problems, the US is insulated."

Phase Three: "Yes, this could have an impact on the US, but Europe will solve the problem."

Phase Four: "Actually, this could have a big impact on the US and the rest of the world, but the 'bailout' plan will be successful."

Phase Five: "OK, this is serious, but the idea of Greece leaving the EU is unthinkable. Only idiots think it's possible."

Phase Six: "Uh, maybe it's possible that Greek will leave the European Union. Highly unlikely, but possible."

Phase Seven: "Holy sh*t! Greece is going to default for real. What's this going to cost?...What?! That much? The system can't absorb losses like that. What are we going to do?"