refer (from the Independent 2nd September 2010)
"However, the IMF also said it was unlikely that even Greece and other highly-indebted states would renege on their debts as they struggled to tame their deficits. "In our view, the risk of debt restructuring is currently significantly overestimated," the fund said. "Although it is generally wise to assume that market developments reflect economic fundamentals, market overreaction does occur from time to time, with adverse implications for countries' borrowing costs and debt dynamics."
It's going to be awesome when the IMF will have to eventually bailout the European Central Bank.
ECB unrealized losses must be off the scale around about now... what with the HUGE bailouts of Spain/Ireland banks.
Last gasp sentiment/rhetoric intervention, particularly to keep the EUR bid
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