Maybe it would've been nicer if we just said "deep shit" instead of "default." When you owe the bank a million dollars, the bank owns you, but when you owe the bank a trillion dollars, you own the bank.
Greece knows that there are lots of important people who are overexposed. It knows that if it does the wrong thing, it could trigger a run on its creditors that is akin to what happened to Lehman. It doesn't want to be the bad guy necessarily, who does? But its finances are untenable.
Greece knows that there are lots of important people who are overexposed. It knows that if it does the wrong thing, it could trigger a run on its creditors that is akin to what happened to Lehman. It doesn't want to be the bad guy necessarily, who does? But its finances are untenable.