Prospects for a disastrous, disorderly outcome to the Greek debt crisis are beginning to show up on financial markets even though many investors still do not believe it will actually happen.
The result is that today's rising bond yields, stratospheric insurance costs and heavily pressured stock prices may only be a taste of what could come if euro zone leaders fail to halt Greece's decline and ring-fence it from others.
In short, a lot of markets and bond holders have not priced in some of the worst outcomes.
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