I still can't get it out of my head. Greece's predicament would seem to give incentive for any other euro country to immediately default on all its loans (written under that country's laws) rather than go through this. Granted, the chances of falling to 110% debt to GDP as Greece did prior to the meltdown are likely minimal for smaller countries. Italy obviously would take the whole edifice down with it so it can't be threatened.

Many Greek journalists and analysts even on the left still don't get it. The immediate prescription now seems like the best one, as others predicted. Default.