This is no time for investors to sit back and relax, since the Greek story is not going to just go away. Yes, they’ve already defaulted and said “No way!” to Europe’s austerity demands. But Europe’s heart isn’t in it — they’d rather keep lending just like old times, while the Greeks themselves would much rather keep on borrowing.  Sounds like a match made in heaven, right? Whatever happens, don’t look for things to grind along without a stream of new proposals that will make a deal once again seem plausible. Avoiding decisions is how politicians make their living, and so they are going to do what they are going to do.