In response to:

"I'll Gladly Pay You Tuesday for a Hamburger Today"

70Wreck Wrote: Dec 27, 2012 2:02 PM
Cool your heels. Loyal Democrat is a very clever satirist.
As 2012 ends, the Greek debt crisis continues. In December, the Greek government began restructuring its debt for the second time this year.

"Restructuring" may sound clean and clinical. It isn't. Greece couldn't meet its debt payment requirements, so its lenders agreed to a new repayment schedule.

Occasionally, the term "selective default" appears when restructuring occurs. Finance ministers and treasury secretaries will tell you the term is just credit rating agency lingo, which Wall Street understands, so don't let it scare you. In fact, Greek Finance Minister Evangelos Venizelos said exactly that right after Greece began restructuring. "The word selective default...