While default sounds definitive it is rarely so clear cut. Default is often subjective and murky, even more so when it involves different obligations of a sovereign state. Different creditors have different definitions of default, some of which are linked to each other and some of which aren’t. Ultimately, it depends who Greece ‘defaults’ on and whether it eventually makes amends – i.e. is the default temporary or is it a permanent write off. For the purposes of this blog we take ‘default’ at its most basic level – non-payment to creditors.
Real GDP for the Fourth Quarter Revised Up, GDI Jumps
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The BEA revised fourth-quarter GDP from +3.2 Percent to +3.4 percent. Real
GDI was a whopping +4.8 percent but discrepancies remain and charts tell a
bette...
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