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"It's highly unlikely Greece will be allowed to default," Mr. Missoroli said.
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Greece cannot receive its much-delayed and critically-needed bailout tranche of €31.5bn (£25bn) unless its national debt level is deemed to be on a path of eventual sustainability, but Athens will not be allowed to default on €5bn of debt that needs to be redeemed next week, a senior eurozone official said on Friday.
Assemblyman John S. Wisniewski, chairman of the Transportation Committee, said that the New Jersey Turnpike Authority would not be allowed to default on the bonds.
The official emphasised that Athens would not be allowed to default on the debt, meaning that the ECB may act.
Obama should jump on this because, honestly, California is not going to be allowed to default.
When the counterparty of the replacement contractor is allowed to default, there are three scenarios.
So I suppose you could say they're defaulting, but it's the way the system works, so they're allowed to default.
If Rhodes declines to allow the bankruptcy to proceed, creditors will be allowed to sue the city for defaulting on payments.
And who will be allowed to insure this debt, through credit default swaps or in some other complicated way using derivatives?
Who will be allowed to operate them?
The Chinese can rest assured that the current budget impasse, like the others before, will not be allowed to trigger a default.
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