Post Greek PSI Deal

http://www.dailymarkets.com/stock/2012/03/10/post-greek-psi-deal-we-are-not-bullish-or-bearsh-we-are-gorillaish/

After the forced accounting standards change back in 2009,a loan need not be written down to its true value until it has been proven [via default] to be worthless. This means bailouts of banks and countries allowed loans to maintain full value on banks balance sheets. The Greek default and soon to follow cascade of loan defaults and more ISDA meetings triggering CDS means that more losses will be printed on Profit and loss statements in the near future. How large this is, will determine what happens to the market starting Monday.