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Cramer: Greece default coming—here’s why

Greek Prime Minister Alexis Tsipras addresses his MP's and ministers at the Greek Parliament in Athens on June 16, 2015. Tsipras charged the International Monetary Fund had 'criminal responsibility' for Greece's debt crisis and called on the country's European creditors to assess the IMF's policies.


CNBC’s Jim Cramer said Tuesday it is time for investors and public officials alike to come to grips with the realization that Greece will, in fact, default on its debt. (Tweet This)

“If there really was any sort of deal, it would have been [done] this weekend,” Cramer said on “Squawk on the Street.” “If we don’t get a default, it would be nice, but I think it’s pretty much game over [for Greece].”

Cramer made his remarks after Greek Prime Minister Alexis Tsipras said the country’s creditors were trying to humiliate his government. He also said the European Central Bank was insisting on financial “strangulation” for Greece and blamed the ECB and European Union for being resistant to offering debt relief.

“I think that Europe’s paralyzed by Greece. I think it’s time for the Germans, who are really running this show to say [that] enough is enough,” Cramer added. “The stock market there is hostage to Greece … [and] it’s integral to capital formation [which is] slowing down. It’s time to move on.”

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