There more scary headlines out of Greece Today. From CNBC: Greek Prime Minister warns of collapse if bailout deal rejected; "We are just a breath away from ground zero." http://www.cnbc.com/id/46351059
Of course a collapse looms. This isn't Earth shattering news. Not to be sanguine, the CDS risk is the big unknown. The needed aid of around $200 bln isn't the problem - that's the carrot on the stick for Greece to pursue as the BANKSTERS figure a way out of their derivatives mess.
My gut tells me that should a hard default happen March 20, 2012, there will be some days and weeping and gnashing of teeth and then magic money will come to the rescue to stave off a system seizure in the near term. But (and this is a big but) larger problems still loom in the form of Portugal, Italy and Spain. This is only the beginning.