From Zero Hedge:

A week ago, we presented an excerpt from Credit Suisse's most excellent piece "The Flaw" – merely the latest in one of the best overviews of the neverending Greek soap opera by William Porter.

... Every soap opera eventually ends. Although when it comes to Nielsen ratings, the denouement is usually a whimper. In the case of Greece, it will be anything but. Yet listening to the daily cacafony of din from Europe's leaders, who are likely more clueless than the average reader as to what is really going on, one may be left with the impression that there is a simple solution to the problem, and Greece may be "saved... in hours."

It can't. In fact, as of today, Porter's conclusion is: "We are left with a sense that the probability of delivering the largest default loss in history in a disorderly way on or before 20 March has increased relative to doing so in an orderly way."
As a reminder, Credit Suisse was the one smart enough bank which chose to completely ignore day to day newsflow out of Greece as it is literally noise...

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