In recent weeks, the world’s markets and media financial pages have focused intensely on the standoff between debt-laden Greece and its international lenders over the conditions of any further bailout. For investors everywhere, both of the large, institutional kind and individual participants, the story has been fastpaced and difficult to keep up with. More importantly, the speculation about possible outcomes has been intense.
Of course, no one knows the eventual outcome or whether there will even be a definitive conclusion. After all, this is a story that has been percolating now for six years—since Greece’s credit rating was downgraded by three leading agencies amid fears the government would default on its debt. Since then, the Greek situation has faded in and out of public attention as rescue packages came and went and as widespread social and political unrest gripped a nation known as the birthplace of democracy.
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