The global capital markets remain subdued for the most part despite the fact that paralysis in Europe is bringing Greece to the very brink. There will be no agreement today, and the finance minister will meet again tomorrow in what Merkel and Hollande have called a "decisive meeting." The implicit threat is that if no agreement is reached, officials will begin preparing for a Greek default. The IMF is doing its part to keep the pressure on Greece. One does not default to the IMF. If a payment is missed, a country falling into arrears. IMF guidelines are for it to immediately send a letter asking for prompt repayment ... (full story)