The weekend found no major agreements among EU and Greece officials, and there is now concern that Greece could default on a debt payment this week.
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Fortunately, even if Congress doesn't raise the debt ceiling, a default on our debt need not follow when our borrowings reach their limit in the next few months.
Only by summer of 2011 did the Eurozone admit that a default on Greek debt was required but, by the time the default was implemented in early 2012, Greece now had a mountain of official sector debt.
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President Barack Obama said Sunday night that both houses of Congress finally reached an agreement to reduce the budget deficit and avert a debt default that would have likely sent the country into a recession.
Such a debt default, negotiated or otherwise, looks to be only a matter of time.
The payments are from debt restructured after a 2001 default and new debt issued locally.
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But a slump could lead to debt default and a messy exit from dollarisation.
While the market is not pricing in a default on US debt obligations, it is definitely pricing in the likelihood of a downgrade.
Domingo Cavallo, Argentina 's economy minister, tried to banish fears of a debt default.
That is forcing the government to seek drastic spending cuts, and some tax rises, to avoid a debt default.
The risk of a debt default over the combustible issue of the Medicare deficit hangs over the course of the stock market.
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Amid recession and the contagion of a debt default, bank collapse or Greek departure from the euro, Europe's single market would be in danger.
This, and most Greek politicos know it, mean that even a New Democracy government will find it difficult to stave off a debt default in Greece.
Following a 75% peso devaluation (and a major debt default) in 2002, doing business in Argentina became much cheaper in dollar terms--a big draw for U.S. companies.
Bond spreads are always higher on riskier debt because bond holders are being compensated through yield for future losses that may be incurred in a debt default.
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The Senate and House are expected to vote today on a throw together strategy to avoid a default on the debt ceiling ( more on what the debt ceiling is here).
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Unless the ECB were to do something stupid, a debt default by Greece would have no impact upon the value of the euro, so the Greek economy would still have a viable currency.
Equities and commodity markets in general are down sharply as investors worry that new elections may be held next month if no coalition Greek government is formed and that the Mediterranean country could be coming closer to a default on its debt obligations.
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Years of mismanagement, coupled with a lack of access to international credit markets following a massive sovereign debt default in 2001 and failure to normalize relations with global creditors, have left the country a net oil importer in 2011.
It was a release valve that allowed the parties to reach a deal on the debt limit in the summer of 2011 to avoid sending the nation into default, with the understanding that a broader agreement on the debt and deficit would be reached.
The vote basically pushes off a potential default on our debt and allows us to borrow.
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Economic growth will help prevent another financial time bomb--credit default swaps, a form of debt insurance--from exploding.
Of course, one way the US Congress could stop this is by forcing a default on the US debt.
If demand is cut again, the risks of debt default and a wider collapse in bank credit are high.
And barring a catastrophe, like a forced default on US debt, in another year or so we should be back, big time.
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If we do today what we have failed to do in the past, we very may well default on a portion of our debt.
And given that transparency amongst the hedgies remains opaque at best, the worries about the impact of a sovereign debt default are on the rise.
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Delay highlights the risks of debt default and a euro-zone break-up.
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