Gillian Tett, 28 May 2010

From the Financial Times, 28 May 2010:

But the alternative to [Greek debt] restructuring [i.e. default/re-profiling/haircut/etc.] will probably be grim too. If Greece staggers on, without a miracle, fears about future “haircuts” will continue to poison the bond markets and interbank world. That will essentially produce a pattern similar to Japan in the late 1990s: a world of gnawing, half-concealed anxiety, where asset prices keep stealthily slipping because investors cannot shrug off their fears of more bad news to come.