It has been an eventful couple of weeks for the global financial markets.

Europe's sovereign debt sorrows have echoes of the demise of Lehman Brothers.

In both the story of Lehman and the story of Greece, easy credit ultimately led to both actors borrowing more than they could afford to pay back.

That is the core of the story.

A de facto sovereign default for Greece, regardless of what legal shape or form it may take (i.e. sovereign CDS – credit default swap – contracts may actually not get triggered), appears closer.

The decisions that remain to be made are largely political with an angry Germany trying to shove through onerous austerity measures on the hapless Greeks (and some Greek lawmakers proving recalcitrant).

July is right around the corner and there are players raising concerns about the viability of U.S. government debt.

Comparisons between the U.S. debt picture and the situation in Greece (or Spain for that matter) are misplaced for the most part.

The U.S. has the ability to print its way out of the deficit (however inflationary that scenario might be).

The continuing rally in U.S. treasury bonds (foreseen by this author a couple of months ago) confirms the obvious: that however bad the picture may be in the U.S. it is simply worse in most other parts of the world.

Investors continue to flock to the relative safe haven of U.S. government paper with the yield on the 5 year Treasury bond having breached 1.5% and the yield on the 10 year having breached 2.9%.

The Euro still feels over-valued against the U.S. dollar at 1.43; once the currency manipulations peter out, the Euro should fall back down toward parity.

There are more stories of fraud around China-based companies with investors likely to move soon from questioning private Chinese company statistics to questioning the Chinese government's statistics.

The price of base metals (steel, aluminum etc.) continues to diverge from the price of flight-to-quality precious metals such as Gold as the specter of a global slow-down haunts the markets.

Oil is closing below $94 a barrel on similar fears.

And the geopolitical situation in the Middle East only gets more and more complicated.

Without a doubt these are interesting times for the markets.