Argentina is nationalising its private pension funds, seemingly to stave off default (see article).
The cost of insuring against sovereign default (see article) has risen in 47 of the 50 countries for which these instruments exist.
After all, since America has the best universities in the world (albeit largely by default: see article), the odd faculty tantrum seems a small price to pay.
It is a default feature article for American tennis writers at Wimbledon and a great source of mirth, no doubt, in smaller countries who produce better players on a slither of the Lawn Tennis Association's strawberry and Pimm's-inflated budget.
But the risks of a debt default persist.See article: How the bug can spreadChips with everythingSanmina, an American electronics company, acquired a larger rival, SCI Systems, in a deal worth some $4.1 billion in shares.
Meanwhile in the background there is the absurd pantomime of Barack Obama and congressional Republicans feuding over how to raise the federal government's debt ceiling to stave off an American "default" (see article).
Many investors would have to hold US treasuries even at a lower rating; and the bonds' appeal has if anything been enhanced this week by discussion of Greek default (see article).
And the brinkmanship in Greece's debt talks could yet lead to a disorderly default (see article).In this section The rise of state capitalism Salve Italia The politics of plutocracy Not quite too late Light and wrong ReprintsWhat happens in Greece could be dramatic and painful, especially for the Greeks.
With Argentina closer than ever to debt default (see article), Brazil's financial markets and its currency, the real (see chart), soared to their highest levels since before the terrorist attacks on September 11th.Brazil's problems are indeed less severe than those of its neighbour.
Investors are already worried about Greece defaulting (see article), but other members of the euro zone are also at risk.
