In the last three weeks, several EU officials have pumped out the line – over and over again – that Greek default is no longer the bogeyman people thought it was….or to be more precise, they told us it was. “It would have led to a credit crunch immediately and hurt us all,” said a senior eurozone official. “Now, the odds [of such a catastrophic impact] are something like 10-20%. It’s still possible, but it’s not a certainty.”
Nigel Farage, "I think we're heading for a revolution of some kind in Greece"
Financial Holocaust looms
Then regarding the supposed "contained" Greek default.., Well I actually have my doubts..
First of all who was it that talked about "contained" a while ago?
Then how do you actually contain something you do not know where it is or how much..?
Iceland Did ‘The Right Thing" Defaulting
A&G's AIG Moment Approaching: Moody's Downgrades Generali, Cuts Megainsurer
Allianz Outlook To Negative
Lastley possibly this is THE issue.related a a Greek default.?
As I have repeatedly said the problem is not, in the main, Greece. It is that Italy, Portugal, Ireland and perhaps others will demand the same thing when Greece defaults, especially if they "get away with it", and it is nearly-certain (absent armed intervention) that they will.