Moving derivatives trades to clearing-houses mitigates the effect of a default of a clearing member (Lehman Brothers' cleared trades were handled smoothly in 2008, for example).

ECONOMIST: The risk in clearing-houses

The recurring fears of sovereign debt default by various EU member countries is making the U.S., even with all its political dysfunctionality, look better than it otherwise would.

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It was the first time euro-zone leaders accepted that a member could default and leave the euro. (And once the unthinkable is possible, why stop at Greece?) It was also the first time leaders intruded so deliberately into the internal politics of other countries.

ECONOMIST: Charlemagne

Yet as the euro area's biggest economy and biggest exporter, Germany would suffer more than most from any member's default.

ECONOMIST: The euro: High tensions | The

Euro-zone government bonds had long been considered one of the world's safest investments: There was thought to be little risk a member state would default.

WSJ: As Ireland Flails, Europe Lurches Across the Rubicon

The Greek situation has already shown that an orderly default can take place while a country remains a member of the euro.

FORBES: Greece: We Need to Stop Confusing Default with Exit