Sure. I was saying that the important point is that the _ratings agencies_ call it a default. Your and my (and the OP's) definition isn't important. If they thi

Sure. I was saying that the important point is that the _ratings agencies_ call it a default. Your and my (and the OP's) definition isn't important. If they think it's a default then for a percentage of the world (who need ratings agencies' support), it's binary-on. Another agency, the ISDA, says it's _not_ a default for the purposes of a CDS trigger. That, for another percentage of the population, is binary-off. http://blogs.reuters.com/felix-salmon/2011/07/22/the-cds-market-and-greeces-default/ http://blogs.reuters.com/felix-salmon/2011/07/22/the-cds-mar...