It hasn't quite come to that yet. European leaders can still kick the can down the road a few months on the Greek default - maybe. Greece keeps coming up with "austerity" plans that they can't stick to and are edging closer to sovereign default. A debt payment is coming up October 17 and many european experts believe they won't be able to make it. This brings America into the picture. It isn't just Greek default that is threatening the EU and the euro. It is a liquidity problem in Europe's biggest banks that also has the continent's financial community on the edge of panic. It's part of a dominoe effect if Greece goes under. The default would hit French banks particularly hard which could cause a credit squeeze - much worse than the one we saw in the US. John Ellis at Business Insider: In the days leading up to the collapse of Lehman Brothers, then French Finance Minister (now IMF Managing Director) Chistine Lagarde told then-Treasury Secretary Hank Paulson that he could not allow...(Read Full Post)