Now, the EU is seeking to bring that ceiling down to 80dB on all portable music players in an effort to protect the precious hearing abilities of its citizens, though we should note that said level would only apply to the default setting, not overall maximums.

ENGADGET: EU seeks to make 'cranking it to 11' on DAPs happen less often

In addition, when you default you just go and apply to the pernicious Home Affordable Modification Program or HAMP which is designed to give our beleaguered mortgagor several more bites at the apple.

FORBES: Meet The New Subprime: It Will Cost Us Billions

On the question of private sector involvement, attention has understandably focussed on the default issue, and whether it is credible to simply assert that this will apply to "Greece and Greece alone".

BBC: One step back from the abyss

The new agreement offers a range of choices for three things: what constitutes a credit event, what classes of debt it would apply to, and what types of debt can be delivered to the seller of the default swap.

ECONOMIST: Credit derivatives