Moody's Gives Banks Greek Debt Warning

Banks rolling over some of their Greek debt into new instruments may have to take impairment charges, Moody's Investors Service said Tuesday, in another setback for efforts to involve private bondholders in a new international bail-out.

http://online.wsj.com/article/SB10001424052702304803104576427193418714806.html

European banks are heavily invested in the now soured Greek debt. American banks are heavily invested in European debt. It won't be long before the dominoes all fall, one by one. Try as they might not to call this a default, a rose by any other name... or more appropriately, "this crap still smells like crap."