Good for the Greeks. Why in world should any sovereign country place the profits of private foreign banks ahead of the assets of the people of an entire country is beyond me. It is only a matter of time before the countries of the world start to follow Iceland's lead and tell the bankers to take a hike and start putting the crooked politicians working with them in jail. If you apply just an ounce of common sense to the big "banking" picture you quickly realize that the 10 largest banks in the world are literally going from country to country attempting to steal each country's wealth. Add up the total amount the banks claim the "world" owes and one quickly sees it is far more that the wealth of the countries involved could ever have possibly borrowed in a traditional sense. And given this where are the tangible assets/services that these countries allegedly borrowed all this money to buy? Even if every penny was given to the citizens (didn't come close to happening) where are all the goods and services that these trillions would have bought? If your asking a country to repay many times their GNP the logical question to ask is OK where did the money go?

The losses are all on paper (derivatives are a prime example). They were contrived to create paper losses from the outset. This is a simple case of fraud and extortion by the banks. It is pretty much the same small group of banks in every country. The quicker that banks are stopped by simply NOT paying them any more money, the quicker the markets can make adjustments and return to equilibrium. Bear in mind that in essence the world at large is being asked to bankrupt the citizens of entire countries to allow a handful  of banks to generate massive profits. My point is that sooner rather than later entire countries are going to go after the banks and the market turmoil that results will be interesting to say the least.