Greece is currently trying to complete a $270 billion debt restructuring, which is a required step in securing the next round of bailout funds from European Central Bank. The deadline to complete this restructuring is Thursday. While the stock market had been assuming all along that Greece would get the deal done, doubts are clearly now emerging that we may see at minimum a delay or perhaps worse a default. For a stock market that has been so universally sanguine thus far in 2012, the magnitude of today’s decline suggests that real trouble is now brewing with this deal. And if a default were the outcome, we would likely be marking a turning point for stocks in 2012. Stay tuned.