Until now, it had been assumed that the cost of exit would be so high that it would never be considered.

As a result, the country s division on a partly ethnic and religious basis along north south lines is no longer unthinkable on the contrary, it is increasingly likely.

Depending on your assessment of Tea Party strength on Capitol Hill, at least a partial debt default does not seem as implausible as it did in the past and recent warnings from ratings agencies reflect this heightened risk.