Greece: Cabinet approves Austerity, European Banks pressured to accept losses
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It isn't just the euro by Amartya Sen
Europe's democracy itself is at stake Greece illustrates the danger of allowing rating agencies, despite their abysmal record, to lord it over the political terrain
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Derivatives Cloud the Possible Fallout From a Greek Default By LOUISE STORY
It’s the $616 billion question: Does the euro crisis have a hidden A.I.G.?
No one seems to be sure, in large part because the world of derivatives is so murky. But the possibility that some company out there may have insured billions of dollars of European debt has added a new tension to the sovereign default debate.
In years past, when financial crises in Argentina and Russia left those countries unable to make good on their government debts, they simply defaulted. But this time around, swaps and other sorts of contracts have become so common and so intertwined in the financial markets that there are fears among regulators and financial players about how a Greek default would play out among derivatives holders.
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Some Greeks Fear Government Is Selling Nation - NYTimes.com
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