[Farson]

It's all over but the crying at least as far as Greece is concerned. First, it was S&P's Kraemer telling Bloomberg yesterday the country is finished, now today for dramatic impact, we get Fitch's repeating the doom and gloom, stating that the country will likely default before its March 20 payment. From Bloomberg: "Greece is insolvent and will default on its debts, Fitch Ratings Managing Director Edward Parker said. The euro area’s most indebted country is unlikely to be able to honor a March 20 bond payment of 14.5 billion euros ($18 billion), Parker said in an interview in Stockholm today. Efforts to arrange a private sector deal on how to handle Greece’s obligations would constitute a default at Fitch, he said. “The so called private sector involvement, for us, would count as a default, it clearly is a default in our book,” Parker said. “So it won’t be a surprise when the Greek default actually happens and we expect it one way or the other to be relatively soon." Europe’s debt crisis is likely to be “long and drawn out,” Parker said." And here we go again, with official attempts to make what appeared apocalyptic as recently as a month ago, seem trite, boring and perfectly anticipated. In other words, the fact that this like every other piece of bad news that should be priced in, is priced in, is priced in. And so on, at least according to the kleptocrats, until we finally learn that nothing is priced in but endless market stupidity.

http://www.zerohedge.com/news/fitch-...0-bond-payment

[PetraCromlich]

$18B bond payment? That's how much money the U.S. borrows every 5 days.

It's why there won't be a default yet; it's too easy for rescuer nations to come up with that kind of scratch. However, it's very symptomatic of the larger nations which are all lined up like dominoes. It won't be Greece, but one of them along the way will tip the stack and start the chain reaction. I still think there will be a global liquidity injection that will hold off the tipping point for another couple of years, give or take 6 months.