Greece is Europe's Freddie Mac

Is Greece the new Argentina, the new Iceland, the new Lehman? No. Greece is Europe's Freddie Mac. Both are insolvent entities with a strong implicit guarantee. Both will require new regular subsidies needed to preserve the fiction of going concern. In 2008 one of the sources of PIMCO's outperformance was a bet on Freddie Mac's MBS. PIMCO has called that bet "shake hands with the government." Is it the time to shake hands with the government of Greece?