For Soros, a Greek bond default is the first house of cards to collapse.
But now, the word default is on the lips of every municipal bond investor.
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Even some people close to George Papandreou believe default is better than years of austerity.
Dealers say the Greek market is quite illiquid since insuring against default is so expensive.
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Think about it: If the economy is performing well, the chance of bond default is less.
Jim Steel, senior vice president and metals analyst with HSBC, said that an actual default is unlikely.
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Not only does America earn interest on its contribution, but the risk of default is almost negligible.
If Argentina's default is followed by recovery, the government's candidate, whoever he may be, may also favour renegotiation.
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Prosper's CEO Chris Larsen says the rate of default is now around 4.7%.
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Ryan also knows that a default is not up to him, or Congress.
If a messy default is forced upon a euro-zone country, it might be tempted to reinvent its own currency.
Default is the fastest way to inflation and the rebasing of unbalanced economies.
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In addition the agreement is much more explicit about how much time a borrower has before default is triggered.
"When the probability of default goes to zero, default is guaranteed, " observes Christopher Whalen, managing director of Institutional Risk Analytics.
The prospect of another market crash caused by a Greek default is keeping a lot of people on the sidelines.
Default is certain, and history says it would be better for creditors if the restructuring came before Greece misses a payment.
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Privately, these same leaders agree that some kind of default is inescapable.
Not surprisingly it shows that even temporary default is a bad idea.
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We fall back on the default, and the default is: Do Something.
The probability of default is the likelihood that a company will be unable to meet its financial obligations over the next 12 months.
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The only question is whether the coming default is used to make things better for Greece, or is allowed to make things worse.
But if, as the EBA says, those estimated losses may not be the worst that could happen, the implication is that default is no longer unthinkable.
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Their default is that if there's any credible evidence whatsoever, even in just a few studies, they'll put something on their 'possibly carcinogenic' list.
Already the risk of insuring against an Italian default is priced at 186 basis points over three-month Euribor, up from166 basis points last week.
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The probability of default is the percentage likelihood that a company will be unable to meet its financial obligations over the next 12 months.
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Talk of default is dismissed as alarmist by the finance ministry.
Now Greece needs another rescue, default is nearer and the Germans and Dutch, threatening to stand in the way, want private creditors to contribute right away.
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