a simple chart, page-7

Sorry, wrong word. "IF" Greece defaults should be changed to when, and yup, I totally agree there has been riding of the gravy train.

By default, I meant the kind of default where the ruling powers can't force a "voluntary haircut" that lets it all slide without triggering Credit Default Swaps... If all the big players had an actual, on paper, signed sealed and delivered -DEFAULT- on the books for Greece, things would not be moving as they are today.

When that happens, watch it all slide... and bring marshmallows. PM shareholders will be sitting pretty while the world burns...