One is wise indeed to wonder about the wisdom of the crowd. Thank you for this lesson it is very much one I need to hear (again and likely again some more). You are perceptive to realize that all is known and even more so that all know all is known. Everyone knows Greece will default. Further, everyone knows that everyone admits that Greece will default. Yet Greece will indeed survive. Might not be many people willing to lend her coin, but she will live on (unless she tries to take over Poland). The questions on everyone's mind is "How much of a haircut? And when?" They kept pushing out the greek answers, not letting us know. Until the markets can fairly price debt, WTF would anybody buy debt? Duh But at this point it's too late. Time to fold up shop. Batten the hatches for the second great depression. Reason will return it always does,
Door is closing on Italy to get the massive help that Greece did. Cash run reported in Greece 2 hours ago. Soon, all attention will be on Greece, and the public will be fed up with bailouts for countries that are late getting to the exit door.