Greece Defaults; Krugman Screams It's 1937; Maastricht Treaty Needs Revisions; "European Monetary Fund" Created

``The latest Greek bailout is done and it involves Greece going into "selective default," which is, yes, a kind of default. This is a bail-in as well as a bail-out: while Greece is getting the €109 billion it needs to cover its fiscal deficit, both the official sector and the private sector are going to take losses on their loans to the country.''