How it all unravels.

[ag]

Nah. More important countries have defaulted before. There will be restructuring, Greece will be ed for a while, European countries will be stuck w/ higher interest rates for some time, but 10 years later this will be mostly of interest to econ historians.

[ag]

Nah. More important countries have defaulted before. There will be restructuring, Greece will be ed for a while, European countries will be stuck w/ higher interest rates for some time, but 10 years later this will be mostly of interest to econ historians.

Really? No European country has defaulted since WWII. The U.S., Canada, or Japan have never defaulted since WWII. That pretty much rules out the entire G-7.

US, Canada or Japan are not defaulting and Greece isn't G7. Yep, it's technically European for the moment. It shouldn't be too difficult to correct that. Relax a bit.

[ag]

Nah. More important countries have defaulted before. There will be restructuring, Greece will be ed for a while, European countries will be stuck w/ higher interest rates for some time, but 10 years later this will be mostly of interest to econ historians.

Really? No European country has defaulted since WWII. The U.S., Canada, or Japan have never defaulted since WWII. That pretty much rules out the entire G-7.

US, Canada or Japan are not defaulting and Greece isn't G7. Yep, it's technically European for the moment. It shouldn't be too difficult to correct that. Relax a bit.

I was responding to your notion that more important nations have defaulted before. I can't think of any*.

Greece is a minor semi-European country, and its tenuous European affiliation could always be reconsidered. Its economy is somewhere between those of Venezuela and Iran in size. Argentina is comparable, Russia or Mexico are much - 3-4 times - bigger. If a government without a political will to stay sane were to come to power there, Greece would be cut off the European safety net. Yes, it would be unpleasant, but, 10 years later, Greeks would be the only ones who would be still ruing it. The rest of the world would have moved on.

[ag]

Obviously, I am referring to the "domino theory", also known as "contagion".

And, equally obviously, I am referring to the fact that I don't believe it ))

[ag]

Obviously, I am referring to the "domino theory", also known as "contagion".

And, equally obviously, I am referring to the fact that I don't believe it ))

You don't 'believe in' market panic? 

I don't believe that Greece will start a market panic on a scale here suggested )