That default will be due in large part to its membership in the European Monetary Union.

Greece s default on its national debt need not mean an explicit refusal to make principal and interest payments when they come due.

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

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How to Default on Sovereign Debt

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The EU s Rules to Default By

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This was deemed a credit event, so credit default swaps were exercised anyone who insured against default had to pay out.

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After the Greek Default

Why Greece Will Default

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They are supposed to provide insurance against default to bondholders.

Postponing a default gives the French and German financial institutions time to build up their capital, reduce their exposure to Greek banks by not renewing credit when loans come due, and sell Greek bonds to the European Central Bank.

(Indeed, by most accounts, it is about to default.)

Despite this, Germany continued to default on her obligations.

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Credit Default Swaps on Trial

The Euro Zone s Default Position

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

It was more lucrative business than traditional lending a few bankers could lend enormous sums with little due diligence except for the small detail that governments plied with easy credit do sometimes default.

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

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At that point, they will default.

At that point, Greece will default.

Unless both contracting parties pay due attention to all of the potentially applicable provisions of the draft instrument, as modified, excluded or supplemented contractually, one or other of the contracting parties may find itself by default to have agreed to potentially disadvantageous terms.

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

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Nor does Greece s default history inspire confidence.

Signs of default stress are already showing.

Predictions of outright default are far fetched.