The FUD "defaulting" means they won't pay you back. The real "defaulting" in this case means they will restructure the debt.
It is a credit agency's definition of "default", but it won't be as adverse as the money disappearing from balance sheets.
It is a credit agency's definition of "default", but it won't be as adverse as the money disappearing from balance sheets.
So far, all proposals to do that have been shot down by the ECB b/c even with longer and more generous terms, Greece is not in a position to service the debt, let alone repay it.