Greek Default possible within 30 days.
Greek Default Risk Returns as Bond Maturity Nears
By John Glover and Anne-Sylvaine Chassany - May 8, 2012 6:39 AM ET
Two months after forcing through the biggest-ever sovereign bond restructuring, Greece once again faces the prospect of becoming the first developed nation to default on its debt.
The government taking office after this weekend’s election has 30 days to decide whether to make today’s interest payment on 20 billion yen ($250 million) of 4.5 percent notes maturing in 2016, or default. Then, by May 15, officials must decide if they’re going to repay the 436 million euros ($555 million) due on a floating-rate note issued a decade ago.