The only resolution to such a sovereign debt crisis is default or inflation.
Of course, that is default by another name, but it allows the fiction.
That X is your default throwaway descriptor, and it is in your interests to make sure that it is something you would like it to be, because that is what people will default to in their description of you.
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.
BBC: Stress-test message to banks: Prepare for possible Greek default - BBC News
In fact, this default is a default and not a success and to the extent it has been modified (lower interest or principal) it cost me and you the taxpayer, money.
Unfortunately for Acting Chairman Lawson and his friends, the proposed Eximbank lending facility for the Russian energy sector cannot be implemented so long as Moscow is in default to Eximbank, as it is at present.
The only question is whether the coming default is used to make things better for Greece, or is allowed to make things worse.
Trainor said that the mobile phone is the default digital camera and video camera for many people, and the challenge is using the technology to allow users to create better videos.
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Registered capital is the default metric for financial risk assessment here (a very poor tool, but it is what it is), and the government typically includes requirements related to industry experience in an attempt to raise the bar slightly for market entry, thereby keeping out the inexperienced tyros that would be likely to fail.
Any novice economist knows that if debt is written down, it is in default.
Regular Decision (RD) is the default application mode for the vast majority of college applicants.
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The notion that the U.S. is going to default on its debt is just irresponsible.
SkyDrive is the default storage option for all documents, which allows easy synching across machines.
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As this is the default viewer for the camera app, users will familiarize very quickly.
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Dealers say the Greek market is quite illiquid since insuring against default is so expensive.
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Yet his corporate-raider past suggests that, if he is becoming a strategic long-term investor, it is by default.
Active management is superior by default because passive management is only theoretically possible.
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To my chagrin, the list was pretty long because at this point in my life conference fatigue is my default setting.
And if not, then we have to make sure we do the bare minimum, which is not default on our obligations.
"The public sector is the default employer in Wales, " said Steve Thomas, chief executive of the Welsh Local Government Association (WLGA).
For public gatherings, it seems, sitting in the rear is the default.
Google's search engine is the default for many phones built using Android.
As previously mentioned, although AAC is the default format used by iTunes, these players won't be able to play any DRM-protected iTunes downloads.
Evaluating credit risk, after all, is part of a banker's trade: they should know better than insurers how likely a borrower is to default.
This is to ensure that the borrower can contact the lender directly to verify that he is in default and try to negotiate a solution.
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People end up on Netscape's site because it is the default home page for Netscape's browser, which still edges out Microsoft's offering, Internet Explorer, in popularity.
Anyone opening a Barclays current account will be asked whether they want statements provided online or through the post, although the internet option is the default position.
While there is a default fund for those employees that are simply too busy or just prefer to go that route, everyone else must make an annual decision.
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