Only by summer of 2011 did the Eurozone admit that a default on Greek debt was required but, by the time the default was implemented in early 2012, Greece now had a mountain of official sector debt.
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Greece would be pushed into a historic default the first time in nearly 60 years that a developed, Western country wouldn't honor its debts.
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We believe that it is very important that we have hopefully averted what would have been the most substantial headwind of all, which is a default for the first time in our history, and that that will contribute to a more positive environment that we hope will allow for greater growth and job creation.
Assuming bondholders stand firm, then euro-zone governments face a straight choice: Either they step in to take a share of the losses for the first time in the crisis or they allow Greece to default, something they have fought hard to avoid for the past two years.
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Given the chance, economic growth will prevent a new time bomb--in the form of credit default swaps--from exploding.
It's peace in our time on Capitol Hill, but the risk of a formal US default was always tiny.
At the same time some have proposed that Greece should temporarily enter default in a move that would bridge one episode of the crisis to a way forward despite staunch ECB opposition to any initiative that might appear in the lexicon of default.
But obviously work is continuing on that to ensure that it is there and in place in a way that is acceptable to majorities of the House and the Senate, and acceptable to the White House, so the we can be sure that action is taken in a timely fashion so that we do not, for the first time, default on our obligations.
In addition the agreement is much more explicit about how much time a borrower has before default is triggered.
At the same time, systemic risk in Europe over the possibility of a Greek default, contagion, and even a Euro break up, helps depress multiples even further.
To prevent a chain of default in the futures market, says the central-bank president of the time.
The average time for a mortgaged home to transition from default to bank reposession in each of these three states has been over two years.
And barring a catastrophe, like a forced default on US debt, in another year or so we should be back, big time.
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Short of that, because every leader at the table, every responsible leader on Capitol Hill, agrees with the President that we cannot let the United States default on its obligations for the first time in its history, we must pursue a fallback or last-ditch option, if you will.
Nationally, the time taken to process a foreclosure from default notice to bank repossession averaged 414 days in the fourth quarter.
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The only issue under discussion and debate right now is what kind of deficit reduction package can accompany a measure that would ensure that we do not, for the first time in our long history, default on our obligations.
Jerry Speyer of Tishman Speyer Properties, for example, has seen his real estate empire spiral into default and spends much of his time these days locked in rooms with bankers, according to a recent New York Times article.
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