David McWilliams: Why the markets would thank us for defaulting
Did you notice something strange over the past two days about the financial markets? The European stock markets actually rallied on the rumour that Greece would be allowed a "ring-fenced" default.
Now consider this again because the 'official' position of the Irish and the European political elite is that any default on anything by anyone would be a disaster, leading to huge capital flight and massive financial carnage.
If this is true, how come markets in the past two days have given precisely the opposite signal?