Yes, I know Greece doesn't issue "gilts" - but I like the pun! OK?
I am, of course, referring to the decision to downgrade Greece's credit rating to "junk" status meaning that they are now paying the sort of interest on their borrowing that you or I might face on our credit cards - bad enough when you owe £1000, but a total disaster when you owe £1000 billion.
This will, of course, make borrowing prohibitively expensive for Greece and they will have to rely on handouts from the rest of the EU and the IMF to meet their financial commitments - and they'll have to slash public spending massively at the same time.
Greece is not going to be a nice place to be for the next few years - they are, effectively, in a deep depression which is going to last for a decade or more and it is only a matter of time before other European nations join them (including us). It wouldn't be so bad if they could rely on tourism - but what with the euro, Greece is just so damn expensive when compared to Tunisia or Turkey.
Anyway, my post isn't really about bashing Greece, but bashing their decision to join the euro - after all, it is that choice which has shackled Greece's ability to do anything about their debt and finance problem - and has hamstrung, Portugal, Spain and Ireland too - and made the country a much more expensive place to visit.
It also demonstrates just how wise a decision it was for Britain to keep out of the euro - a fact which most of the euro supporters have not mentioned over the last couple of years for some reason - particularly the Liberal Democrats who were once pushing for Britain to join as soon as possible, something which that nice man and financial genius, Vince Cable, seems remarkably reticent to talk about these days.
And let's be honest, here - the only reason the Tories and Labour parties didn't take us into the euro was because they didn't think they could get it past the British people. The truth is that they both favoured the idea privately - and some of them publicly - but knew that it was pushing the people too far too soon to make them ditch the pound.
Of course, all three main parties remain committed to our membership of the European Union and remain determined to take us into the euro as soon as they practicably can.
Just bear that in mind when you listen to them discussing how they would deal with this economic crisis (which hasn't even really started yet) in the run up to the election. They don't have any answers - so they'll just lie - but don't be fooled. If the politicians of all three of our main parties had had their way we would be as deep in the mire today as Greece.