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As I stated on the Calais thread, the countries that have high interest yields on their 10 year bonds are those that will leave the eurozone, starting with Greece.
They have to leave the euro in order to repay the high interest, and this can only come about by devaluing their new currency through more money-printing.
In this sense, they don't have to default on their debt, if they repay it in their new currency (drachma, peseta, escudo, lira). Obviously, these currencies will be devalued from day 1 through extra printing.
As stated on that thread, if these four countries didn't leave the euro, Germany and France, and possibly D. Cameron plc, and a number of other countries in the EU too, would be obliged to pay the high interest on the government bonds of Greece, Spain, Portugal and Italy, which is impossible to do, unless, of-course, the European Central Bank and the Bank of England continued madly printing euro and pound sterling,
But if the ECB and the BoE went on with quantitative easing, the balance would tip, confidence in the euro and the pound would at some point suddenly drop overnight, and in a massive chain reaction, share markets would crash, there would be runs on all banks in the UK, Ireland and Europe, and hyper-inflation would brake out.
So to prevent this, the four Mediterranean countries mentioned above have to quit the euro, and they may do this any time soon.