| It started with the U.S. Treasury defaulting on its gold obligation to foreigners in 1971, thereby foisting a regime of irredeemable currency upon the world. |
| Once you've arrived at a figure, you can try to work out a deal with the defaulting party before the property is repossessed. |
| But with Greece running out of money and needing to secure funds by the end of June if it to avoid defaulting on its debts, tensions are high. |
| The fear is that without the €7.2bn of outstanding bailout money, Greece will end up defaulting on its debts and leave the eurozone. |
| Costs associated with the loss of reputation for a defaulting borrower are not considered here. |
| It is a crying shame, however, that the European Council, in particular, is defaulting. |
