http://av.r.ftdata.co.uk/files/2012/01/GreeceTree.jpg
Via Barclays Capital, this one comes with instructions:
The further right we end up in this decision tree, the harder the credit event will likely be perceived by the market and the bigger the additional precautionary fire-fighting measures will likely be to face contagion…
Click to embiggen, and try to count the mentions of ECB participation in the bond swap as you swing to and fro:
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