Greek elections favor the "default" party; Grexit almost assurred now.

As Mish has been reporting for some time now, some day a political party in the PIIGS will run on a platform of not repaying the debt and that / those parties will win.  When it does, the chain reaction of PIIGS defaulting will have begun.

It looks like that day has arrived as Mish points out that the "we don't give a crap about the EU and its debt claims on the Greek people" party, which goes by the name of Syriza, has likely had a landslide victory.  While you might not care much about Greece, it is quite important what happens there.  Now the Greek government will be calling the shots with its creditors asking for more money, better terms, etc. lest they default.  There might be some initial caving in by Germany but at the end of the day Greece will default anyway because it owes an unpayable sum, just like the USA.

Greece will thus likely be the first to exit (AKA "Grexit") the EU.  If Greece gets away with it, why not Spain?  Why not Italy?  And so they will.  Nobody is going to pay back debt that they don't have to and it is not illegal under international law to default.  You cannot legally invade another country, for example, just because they owe you money.  With no downside and only the hope of escaping austerity and debt repayment, the smart and logical move is to default.

What I am waiting for is when Germany and France, having not only gotten defaulted on in the billions of Euros, also break off exporting stuff to the PIIGS which defaulted.  I predict this will slam these export nations and then they will have a very bad recession or more likely massive depression as the loans that were taken out to build all that excess export production capacity also fail and are defaulted on.  As I have written for many years now, France and Germany are pigs too!

Once the entire euro zone falls into the black hole of deflation, multinational US corporation like GE and Mickey D and IBM will get crushed.  The US is not an island and there will be no decoupling from the rest of the global collapse.  It will just take a bit longer to hit here because the Eye of Horus sits higher up the pyramid scheme than everyone else.