This play has been going on for too long

Greece Leads Surge in European Debt Risk on ‘Selective Default’ Concerns

By Abigail Moses

Greece led a surge in the cost of insuring European government bonds as Standard & Poor’s cut its credit rating on concern the nation is heading for a “selective default” by extending debt maturities.
Credit-default swaps on Greece jumped 30 basis points to a record 1,371 basis points, according to CMA. Swaps on Ireland reached an all-time high of 681 basis points and contracts on Portugal also rose.
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Comment: What once was a good piece of tragedy is now a farce and the play has been going on way too long to amuse anymore. You can nag and bite, the euromen and eurowomen won't let Greece default. It's a political game. When it comes to a full-blown power game, governments almost always win and financial markets lose.