Fortysix Percent Interest Per Year !

That's the current yield on Greek government 2 year obligations. If you buy these AND get paid, you double your money in 2 years !
Will you get paid ? Want to make that bet ? After all, the other European governments have publicly declared that they will not allow Greece to go bankrupt.
The European Central Bank holds about 60 billion Euros of Greek debt (with capital of only 10 billion).
What could possibly go wrong ?

In the meantime, Portugal 2 year debt yields more than 12% and the ECB is gobbling up more paper from Italy and Spain while their prices continue to fall.