It makes me wonder why the world markets are so excited about a 70% writedown on Greece debt. Think about it, 70% writedown. How many time has Greece PM and Finance minister said we are close to a deal. Why is it the private sector responsibility to absorb the cost while the ECB stands pat. Makes no sense at all. Europe is where the US was 4 years ago. It's a wicked cycle. They think what worked in the past will work again. This time they will be left holding the bag. Let free market capitalism play out. I may be dead wrong on this. Comments are welcome.