The default debate has gone global: In both the U.S. and Europe, markets are confronting questions about the sanctity of government debt. If handled wrong, this risks triggering a fresh financial crisis.
European politicians and central bankers are at loggerheads over whether Greece's private creditors can accept changes to their terms without triggering a default. In the U.S., there is talk of a "technical" default on Treasurys if agreement cannot reached in Washington on raising the debt ceiling.
By RICHARD BARLEY
WSJ
