TheStreet’s Jim Cramer says the Greek situation has changed drastically in the last 48 hours and investors need to be careful. He believes that what the Greeks are saying to the Germans is this: ‘you have to forgive much of our debt, maybe as much as two-thirds of it, and we’re going to give you nothing in return or we’re going reissue the drachma and you’re going to get your 30 percent many many years from now when we go to the Chinese and the Russians to get what we need.’ The bottom line, Cramer says, is that Greece has said ‘here’s our offer: nothing.’ Greece faces default if it fails to pay back a $1.8 billion loan to the International Monetary Fund by Tuesday. If Greece does default, it could exit the eurozone. The IMF has said Greece will not get any extra time to make the repayment. Greece’s lenders are pushing for more austerity measures in exchange for continuing the bailout program. But Greek Prime Minister Alexis Tsipras has rejected those demands.
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