Anarchy In Greece

Following on the heels of Finland's vote last night, the Guardian is reporting that not only is a default in Greece ever more likely but that the country is becoming ungovernable:

Amid speculation over the country's ability to avoid default, a wave of civil disobedience is causing many to wonder if Greece is becoming ungovernable.

"There is clearly a breakdown of the rule of law, and without the rule of law there can be no economic development," said political analyst Takis Michas. "It is organised lawlessness spearheaded by the hard left."

"In any other country people would have been arrested but here the lack of arrests has contributed to the feeling that anything goes," said Michas.

And Moody's have now downgraded Ireland's banks to junk status:

This means all Government-backed banks are now classified as junk.

No wonder the Euro is falling this morning.