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You're overstating that -- I smell a troll. Greece did not default.

In http://www.telegraph.co.uk/finance/financialcrisis/8653634/G... I see Greece being described as having defaulted. Perhaps it is not publicly being called a default, but for all intents and purposes it is one.

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Have the counter-parties insuring Greek debt paid up?

No. However Fitch put a "default" rating on Greek bonds, and there were headlines declaring a default.

The trick is that private parties are supposed to "voluntarily" forgive Greek debts. But they are negotiating with a gun to their head. And one way or another Greece won't be paying what it says it owes.

So some people call it a default. Others don't. But it is a pretty fine distinction either way.

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