Climbing down a Greece decision tree

Via Barclays Capital, this one comes with instructions:

The further right we end up in this decision tree, the harder the credit event will likely be perceived by the market and the bigger the additional precautionary fire-fighting measures will likely be to face contagion…

Click to embiggen, and try to count the mentions of ECB participation in the bond swap as you swing to and fro:

Copyright The Financial Times Limited 2019. All rights reserved. You may share using our article tools. Please don't cut articles from and redistribute by email or post to the web.

Read next:

Read next:

FT Alpha Tweets