Just a breathing space - it looks like the markets are already factoring in another 'default'

Greece has won itself and the rest of the eurozone a breathing space by sweet-talking and strong-arming a majority of banks, pension funds, insurance companies and hedge funds to take big losses on their investments rather than risk losing the lot.

This, then, was a triumph for Greece but only in the way that Dunkirk was for Britain. And as Churchill said in 1940, wars are not won by evacuations. Greece will now get its second bailout, and the €130bn (£108bn) coming its way from the International Monetary Fund, the European Central Bank and the European Union will keep the wolf from the door for the next year or so.

http://www.guardian.co.uk/business/2012/mar/09/greek-deal-de...