Defaults of government bonds - a recurring history

"The history of government loans is really a history of government defaults.”

- Max Winkler 

Markets will still have to focus on defaults regardless of how much window dressing is conducted in Greece. Credit default spreads for some companies are less than their country CDS spreads. This would have been thought of as crazy just a few years ago but now this is normal. We have gone through periods of government defaults which are then forgotten until the next crisis.