Either banks need to default on their senior obligations, or the government will need to default alongside the banks.

The official line so far has been no default, meaning no sovereign default or that of any bank can be considered.

NEW YORK The Greek euro tragedy is reaching its final act it is clear that either this year or next, Greece is highly likely to default on its debt and exit the eurozone.

Conduct carried out in the absence or default of the official authorities

Greece is heading towards disorderly default and or devaluation with incalculable consequences.

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Investors were not worried about default risk on Spanish or Irish sovereign debt, or about Italy s chronically large sovereign debt.

The first act or omission will be referred to as the primary act.

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It is not going to be an easy balancing act. If the Fund attaches tough German style conditions to its loans, it risks provoking immediate confrontation and default.

The risk of default or debt restructuring induces creditors to be more careful in their lending decisions.

If Greece chooses default, they cannot enforce their banks claims on Greek borrowers or seize Greek assets.

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After the Greek Default

Why Greece Will Default

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Have the Europeans decided that sovereign default is easier, or are they just dreaming that it won t happen?

Countries never default because they can t pay their debts there are always ways to decrease expenditures or raise taxes.

(a) Consider the immediate repeal of, or amendment to, the Corporal Punishment Act and the Education Act

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Credit Default Swaps on Trial

The Euro Zone s Default Position

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Either officials recognize immediately the inevitability of default and waste no resources trying to prevent it, or they believe that a default can be avoided and deploy all the resources at their disposal as fast as possible.

This scalability was magnified by the use of credit default swaps (CDSs), which offered phony insurance against default.

The conduct of a person or group of persons shall be considered an act of a State under international law if the person or group of persons is in fact exercising elements of the governmental authority in the absence or default of the official authorities and in circumstances such as to call for the exercise of those elements of authority.

Politicians reacted by devising an international financial system after WWII in which default and bankruptcy were more or less impossible.

The package may or may not prevent Spain and Portugal from becoming undone in a similar fashion, or indeed even head off an eventual Greek default.

Second, banks would also suffer because they had sold insurance against default in the form of credit default swaps.

How to Default on Sovereign Debt

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At that point, they will default.

The EU s Rules to Default By

At that point, Greece will default.

After the subprime crisis erupted, mortgage and consumer debt was paid down by households either with their savings or by default.

These divergent yields reflect the market s perception of the risk of default or of effective devaluation associated with leaving the euro.