Greece, like a Ducati 1198 - irresistibly beautiful, exotic, highstrung, unforgiving, a money pit, and after one gets out of the hospital the wife will probably have one killed for the insurance money....and yet....

So now that the LTRO has immunized the Euro Banks (and the US Banks due to the magic of financial globalization) does Greece default?

Greece Debt-Swap Deadline This Week to Show If Europe Moving Past Crisis By Patrick Donahue - Mar 4, 2012 4:00 PM MT, Bloomberg News

The European Union faces a first test in its attempt to turn the page on the two-year debt crisis when Greece’s private creditors decide this week whether to sign off on the biggest sovereign-debt restructuring in history.

The success of the 106 billion-euro ($140 billion) debt swap, confirmed on the eve of last week’s European Union summit, depends on how many investors agree to the writedown by the March 8 deadline. Euro-area finance ministers will hold a teleconference on March 9 to review the deal’s outcome.