Photo Credit:  Chris Ratcliffe (Bloomberg)/Peter Foley (Bloomberg)

I think T-R-O-U-B-L-E is still brewing in Greece.  Greek Prime Minister George Papandreou raised the possibility of taking legal action against US banks, which he said bear “great responsibility” for Greece’s debt crisis.  The Greek parliament is currently looking into deals Greek authorities carried out in 2000 with help from Goldman Sachs that allowed them to mask the extent of Greece’s debts through the use of complex financial instruments. In my opinion, the risk that Greece will repudiate (a type of default) a portion of their debts is still very high.