Greek freak-out still on the cards for hedge fund managers

Don’t say ‘credit event’. Don’t say ‘default’. And yet it appears obvious even to Joe Public that the spin is becoming increasingly laughable and insults the intelligence of leaders of the financial system. How will Greece ever be able to repay its debts? Procrastinating creditors are mouthing implausible platitudes that even they don’t believe. So, the charade is being kept alive to protect creditors who refuse to recognise losses and are fearful of knock-on effects, which are si…