What I know about economics wouldn’t even fill the back of a very small postage stamp. I can’t tell the difference between hedge funds, trust funds, endowment mortgages and debenture schemes. The only thing I know about defaulting is when the time comes to lay the blame.
Default always lies at someone else’s door (if you pardon the pun). Someone with a bit more knowledge than I suggests that there’s a 98% certainty that Greece will not make its loan repayments within five years.
Default lies with those who gave it to them in the first place. Default was never theirs.