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Default might seem to be an attractive option because Nicosia would suddenly shrug off a vast debt load.
Kanye West may have said on Monday night that he owes Taylor Swift a more personal apology, but Jay Leno owes Mr. West a vast debt of gratitude.
The show, which has its premiere tonight, obviously owes a vast debt to "Beverly Hills 90210" and to Eminem's wardrobe in the movie "8 Mile".
And in the past four years, since he fulfilled his promise to return to Russia, he has dropped almost out of sight.Mr Thomas generously and rightly acknowledges a vast debt to an earlier biography of Mr Solzhenitsyn by Michael Scammell, who took ten years to chronicle the writer's life in a huge tome published in 1984.
"Actually, the orgy of fact extraction in which everybody is currently engaged has, like most consumer economies, accumulated a vast debt.
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By this account they are simply another part of a vast, debt-dependent ecosystem that is now being starved of oxygen.
While the $1m would have struggled to make a dent in the city's vast debt, it could have been used to pay those owed money, including many employees and retired workers.
"Debt sustainability" is a code phrase for reducing Greece's vast debt burden, either by extending the maturity of existing loans and cutting their interest rates or writing down their face value.
Past regimes had accumulated a vast foreign debt against which central government revenues were pledged for repayment.
Officials say repaying the vast debt will be "difficult but not impossible".
Mr Liddy, meanwhile, will be urged to earn his dollar by disposing of AIG's assets and cutting the group's vast debt to the taxpayer.
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