Columnist Tim Worstall questions the reason European authorities are threatening a proper default on Greek debt. Officials seem to be assuming that a real default, which would trigger credit default swaps contracts, would hit banks hard, making them more willing to accept a "voluntary" default, Worstall writes. "There's a secondary concern floating about which is that if there is a credit event and the CDS contracts do all get triggered then we're in for some form of financial [Armageddon]. Which is something I can't quite see really," Worstall writes.

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