http://www.washingtonpost.com/business/markets/asian-stock-markets-on-hopes-that-greece-will-comply- with-demands-of-lenders/2012/02/14/gIQATBdgER_story.html

While many economists have advocated for a so-called orderly default, essentially allowing Greece to renege on all or most of its debts, others warn that would set a bad precedent.

"The ramifications from this are potentially catastrophic," said David White, a trader for Spreadex. "Why would any member state act on Eurozone ministers' demands when it's been proven doubtful that what is promised in return might not be 100 percent deliverable?"

What sort of assurances does the EU make to bond investors? If I headed a bond fund, I would run away from these people as soon as humanly possible. I guess if you are El-Erian at PIMCO, you have that luxury, as people try to keep you happy, and you have a reputation for stability. But maybe the smaller fry are seeking high returns to impress their bosses.