IMF Chief Dominique Kahn has offered to help Greece. The offer has not, and probably will not be, extended to any other countries. If Spain, Portugal, Italy, Ireland, and others, rush for the door together, there won't be enough room for everyone to get out with favorable terms. The remaining players - the later defaulters - will be subject to the harshest terms.
I was thinking the opposite. Sort of like they handled Wall Street. They let Bear Sterns go out but mortaged the future for a thousand years to kept Merrill intact.
Good point, but earliest defaulters normally receive the best terms when multiple parties compete for a limited pool of cash. This creates the race to default. The tinderbox has already been created. Hopefully, we won't see a match.
There is room, now, for a politician wanting to make a name for himself, by categorizing repayment of Greek, (or other) sovereign debt, as an attempt by the fat cat bankers to remove food from the mouths of children. I should know better, but sometimes that's what I think myself!
Greece has got them (the EU) over a barrel. The EU will have to cough up the money! When Greece gets the money, Portugal should threaten disaster, and get a hand out too! It would be irresponsible of the Portuguese NOT to do this.