A rose by any other name would smell as sweet. In the case of Greece, default by any other name just stinks! The plain truth: Greece is bankrupt. Greece's sovereign debt crisis deepens daily as the gap in reality widens between politically driven “in denial” views of European Union (EU) leadership and market-place views as reflected in 5-year Greek bonds trading at a yield close to 20%; Standard & Poor cutting Greece's rating to triple-C (the lowest credit rating ever); and highest premiums payable on CDS (credit default swaps, used as insurance to protect investors against defaults) on Greek debt. Probability of default by Greece over the next 5 years has jumped to 86%.

Today, a CDS will cost US$2mil annually to insure US$10mil debt over 5 years. Markets have indicated for some time Greece suffers from a condition of bankruptcy rather than a crisis of liquidity (i.e. cash-short).