BY ROBERT MORLEY

http://www.thetrumpet.com/?q=8225.6887.0.0

Rates on Greek debt soared to an astounding 21 percent last week. The end game on the Greek debt crisis could be near. If Greece defaults on its debt, it could trigger a domino collapse across Europe. But do the strategizers behind the euro have a secret plan that could totally reform the union?
One thing for sure is that the Greek government cannot long afford to borrow money at such high rates. It is virtually locked out of the debt market. That means that sooner or later, somebody isn’t going to get paid. In this case it mostly means big banks in France, Germany, Austria and Belgium.
The consequences could easily go global. European Central Bank executive member Jurgen Stark warned on April 23 that Europe may be about to suffer a banking crisis worse than that of 2008. It “could overshadow the effects of the Lehman bankruptcy,” he warned.
Bigger than Lehman?
According to Stark, a default by Greece would be the worst option for the eurozone. This would trigger massive and immediate government spending cuts and the inevitable social unrest that would ensue.
More critically, it could easily cause lenders to balk at loaning money to other troubled states like Ireland and Portugal—causing interest rates to soar in those countries and causing them to default too. Even Spain and Italy could be pushed over the edge, which would throw the whole eurozone into question.