While discussion of a possible default has been around for a year or so, this time it seems more serious.

So far, despite the talk of possible default, the local bond and stock markets have risen sharply in recent days.

But under American law, the Administration must set aside a reserve in case of possible default.

Argentina is trying to alleviate fears of a possible default.

Word of the veto led to selling as investors sought to protect themselves against a possible default.

But continued upheaval in the Soviet Union has led to growing worries about a possible default.

Greece is struggling to keep up with all its debts, hence the talk of a possible Greek default.

Some historians give us a crash course in how we got to the current standoff over the nation's possible default.

Ideas circulating at this morning's meeting involved requiring Mexico to protect labor rights and set aside oil against a possible default.

The government needs the money to pay more than $900 million in interest on the debt in the coming weeks or face a possible default.