Double Secret Selective Default

After more than a year of daily handwringing in the markets about the snails-pace exposition of the Greek debt crisis, suddenly things are zooming by in fifth gear. They may be moving faster than investors can actually digest them.

After the bell Monday, S&P put the Greeks on double-secret probation (the bonds, not the Deltas) or "selective default" in the parlance of the ratings agencies. And everyone took it in stride as a necessary move given the collective action clauses now attached to the debt. In fact, Greece "shrugged it off," according to the FT, which must be the first time in recent memory anything in that country was summarily dismissed without at least some outrage....206 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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