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The country has a gargantuan amount of debt coming due on that date that it will need to refinance, and the lack of a bailout package would ensure a messy default.
FORBES: Earnings And Greece Feed Anxiety As Stocks Open Lower
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The vote now paves the way for another international bailout package that will prevent a hard default on March 20.
FORBES: Athens Smolders And Stocks Rise
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Fears continued over whether Greece can secure the 130 billion euro bailout package it needs to stave off default next month.
FORBES: Falling Jobless Claims & More Positive Data Prompt Futures Rally
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As the European Commission pointed out this week in a private paper revealed by the FT, if the new rescue package did trigger a "selective default" and lock Greek banks out of ECB funding, Greece would then need additional official support, to shore up their banks.
BBC: More time to argue about Greece
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Which is one reason why eurozone governments and banks are finding it harder and more expensive to borrow - and why, with all those debts falling due in 2012, eurozone leaders haven't got long to agree a credible rescue package, if they're to skirt default, banking meltdowns and eurozone fracture.
BBC: Boom-year debts could bust us
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The 2nd rescue package is merely a way of saving Greece from a default on March 20th.
FORBES: Bonds, Bailouts & Barber -Surgeon's
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Despite the newly announced rescue package it is still a generally held view that Greece will indeed default on its debts.
FORBES: Greek Default: Who Would Lose the Money?
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European leaders have staked their credibility on the euro succeeding as a political project, so they are reluctantly preparing the new rescue package as a last resort to prevent the eurozone's first sovereign default.
BBC: Greece crisis: Is there a solution?
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KMV's clients get access to a software package that translates publicly available financial data into probabilities that a particular borrower will default on its obligations.
FORBES: Default-risk bookies