Developed country debt default sends shivers through the system


The prospect of a developed country defaulting on its debt is no longer far fetched. The real concerns coursing through the markets over the financial health of eurozone members Greece, Spain, Portugal and Italy are causing even more volatility in already spooked markets.

The case of Greece, however, raises many questions, not least about the eurozone itself and its ability to cope with what is its biggest crisis yet. Given that the rules of the euro currency game prohibit a bail-out, the questi