I don't have the riskable money to do it (or the know-how), but I'd be quite happy to insure Greece against defaulting, because it's politically unfeasible. When it comes to it the rest of the Eurozone will fudge together something that will be called restructuring and special measures. The French will broker it, we'll sit on our hands and say 'a pox on your Euro' and the Germans and Benelux will pay for it. I understand that the margin between the rate at which ones country is borrowing and the rate at which Germany is borrowing is some kind of measure of country-stability. From memory Greece was coming in at something approaching 3% over 'German base'.

What will be interesting is the political price to be exacted from the Greeks, which I wouldn't mind betting includes some arm-twisting over the Northern Cyprus/Turkish/EU situation.