Now that one bond group of Greek obligations has defaulted, we must consider the other groups that have yet to experience a cash transaction requirement. Until a bond is at redemption or an interest payment is required, it has not legally defaulted for nonpayment.
Bank bonds, Hellenic Railway bonds, Urban Transportation bonds, etc. will all be impacted by default. How big will the line be tomorrow as all Greek bondholders seek to make their insurance claim? This reminds me a slow motion train wreck.