For most people just accept the default settings on anything: we know that from the ease in which people manage to hack into mobile phone voicemail systems.

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But why would you accept the default settings?

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The eurozone will at last accept the inevitable that Greece cannot repay all its debt and accept a Greek default of at least 50% and maybe even as much as 70% (which would be more realistic).

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At which point, presumably, the rest of the eurozone would have to accept a Greek default and a much more significant reduction in the value of what the country has to repay than the implied 21% that has been allowed so far.

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Reports that the EU may accept an "orderly default" on Greek debts have concerned some investors.

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And if the Greek people simply refuse to accept further austerity then default looms.

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The House of Representatives will once again refuse to prevent default unless the rest of us accept their cuts-only approach.

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Governments would have to insure Greek bonds against default so that the ECB could continue to accept them as collateral.

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They cannot be forced to accept losses, because immediately that would become a default.

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That's not something many bondholders will accept, particularly since a voluntary deal won't trigger credit default swaps to offset losses.

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Their opinions matter principally because the European Central Bank (ECB) says it will not accept Greek bonds as collateral if the agencies declare they are in default.

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We accept what leaders of Congress have said about the impermissibility of allowing the United States to default on its obligations.

WHITEHOUSE: Press Briefing

Under the law, no one is actually required to accept gold or silver coins as legal tender, so again we refer to the dollar by default.

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With this move, PayPal aims to become the default payment processor for small businesses and merchants by offering a complete array of services, enabling them to accept any type of payment.

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