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As Reuters reported,
"We've come to the end," said the source, on condition of anonymity. "We have just made one, final extension. It is hard to see how or why we would go beyond this. Either it happens in the next 48 hours, or not."
This deadline falls in line with an Iranian holiday known as Quds Day. What is Quds Day?
Greece defaulted on its IMF loan last night. It is interesting that it was actually the Greek Philosopher Plato who was the first to advocate the "credit" theory of money. His prized student, Aristotle, who taught Alexander the Great, continued to advance Plato's democratic and economic principles. Ironically, the first civilization to advance credit is now the first country of our time to default.
We must now be careful to pay attention to what happens in Greece as it will foretell what may come to other nations in the near future. We are seeing history unfold in a cyclical pattern — there is nothing new under the sun!