If we have (collectively) promised Greece to provide sufficient credit at lower-than-market interest rates, then Greece no longer has to borrow at market rates. What, then, is the negative effect if the rating agencies declare a de facto default or whatever?

Apart from enriching the hi-rollers who bought CDS, at the expense of American banks that sold it?

_{It is rightly acknowledged that people of faith have no monopoly of virtue - Queen Elizabeth II}

And renewed push for the Suicide Pact while the ECB is raising rates.

It's a mixed bag.  There seems to be at least some connection to reality coming around as it relates to debt levels and interest, but they're still out to lunch on the macroeconomics.

Be nice to America. Or we'll bring democracy to your country.