But there are many other ways to contain contagion from Greece without euro bonds.
The "orderly" part of default really means a plan to contain contagion.
Berlin has an incentive to get the Spanish problem under control before Greek parliamentary elections on June 17, to help contain contagion in the event of instability after the vote, said Holger Schmieding, chief economist at Berenberg Bank.
An emergency summit of the 16 leaders of the countries using the single currency was held in Brussels, with Chancellor Angela Merkel of Germany and President Nicolas Sarkozy of France demanding tougher and quicker regulation of the financial markets in what looked like a doomed attempt to contain contagion from the Greek drama.
The failure to reach an agreement for the second week in a row highlighted the depth of differences among officials on how to find the money to keep the Greek economy afloat to contain contagion in the euro zone even as the country's debt prospects worsen.
The seemingly endless round of meetings over Greece has been a sign that after nearly three years of crises, the politicians are still trying to contain contagion in the euro zone, which began with a huge hole in Greek accounts, even as that country's debt prospects continue to worsen.
In this way, we are able to identify the most effective tactics adapt to contain contagion and the corresponding network topology.
But Moody's also said that the plan would benefit Europe "by containing the contagion risk that would likely have followed a disorderly payment default on existing Greek debt".
Moody's offered a generally positive assessment of the plan agreed to by European leaders on Thursday, saying it "benefits all euro area sovereigns by containing the contagion risk that would likely have followed a disorderly payment default on existing Greek debt".
A medical apparatus at least capable of containing global contagions.
