GREECE, IRELAND AND PORTUGAL DEFAULT PROBABILITIES ABOVE 50%

"I see headlines like, “Euro Maintains Gain on Greek Debt Optimism” and I am just not sure what everyone else is looking at. As far as the credit default swap market is concerned, Greece has already defaulted, it is just a matter of when and in what form. Ireland and Portugal are basically at levels that share a similar fate. Next question is whether Italy and Spain fall into the hole..."

at http://pragcap.com/greece-ireland-and-portugal-default-probabilities-above-50