I think the markets now are convinced that Greece will default. It's been obvious to me for a while that she would, and the draconian austerity forced on her by Germany virtually guarantees it, as I said in my last post.
Read this article. Has the ordinary Έλλην επι τῃ όδῳ (man on the street) now realised that default might actually be less painful than a deep depression? And when Portugal faces the same conundrum? And Spain? And Italy? Does Germany realise just how deep -- and how long -- the European depression could be if the euro blows up?
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