Don't bet against PIMCO

http://www.businessinsider.com/serious-question-is-pimco-trying-to-freak-out-the-euro-bond-market-2010-5

In short the control of the bonds is much more important then control of the stocks. If you cant borrow you can be force to cut spending. If you think this will be limited to Greece think again. On top of this several states, ILL and CA in particular, are on the edge of disaster. Prepare for riots in these stares as things become ugly.