Produced by the ministry of foreign affairs, the advert called on the US courts to judge the situation fairly and set a sustainable precedent for other sovereign debt defaults.
If Greece defaults, the EU will be legally justified and politically motivated to insist that the euro remains its only legal tender.
If you have a joint tenancy – where everyone signs the same tenancy agreement – all tenants have responsibility for the rent, so if one person defaults or moves out, the remaining tenants may have to pay their share.
On Saturday chancellor George Osborne was in the EU capital discussing with finance ministers how to recapitalise Europe's banks in order to prevent meltdown of the sector if Greece defaults on its debts and other member states follow suit.
But, for now, defaults are not expected.
Some analysts see a wave of corporate defaults coming.
If the world does shiver in Mr Edwards's ice age, government bonds will keep their appeal but defaults on corporate bonds will rise.
That doesn't mean that there won't be bank failures or even, potentially, state defaults.
To the extent that investors are moving into equities, they are probably shifting out of cash and money-market funds, not bonds.So for a collapse in the corporate-bond market to happen there will either have to be a sudden reversal of central-bank policy or a wave of defaults.
The "bad bank" that was split off from Northern Rock (which was the first European bank to be nationalised in the financial crisis) also reported a first-half profit, although unfortunately its sister "good bank" didn't.In this section Defying gravity and history Dodging defaults Sweet dreams Out of the bush league Another roll of the dice Nest egg or serpent's egg?
Tin soldiers Tenacious, smelly and uncool Debates and defaults Transport heaven and hell Reprints Related items Correction: mining in BoliviaMar 8th 2007 Bolivia: Fear and mistrustNov 23rd 2006The smelter has a controversial history.
