Best time for a Greek default? It's now.

As sovereign debt defaults go, there may be no better time than now for Greece.

 Global investors are clearly in risk-on mode, with the US stock market off to its best start in 15 years and equities in many emerging markets faring even better.

 Friday’s job report helped assuage at least one of the primary fears regarding the U.S. economy, even though the housing market remains a shambles—an improving shambles, but still a long ways from healthy.

 Last week in general gave life to the recovery theme, with 15 of 23 indicators beating expectations and causing some economists to raise their growth outlook for the full year.

 So, with sentiment running so garishly positive, why not go ahead and get that pesky Greek default and all of the accompanying futile denial out of the way already?

 “In the last six months, there's probably been no better time to let Greece strategically default than right now,” said Citigroup credit analyst Jason Shoup.

 Shoup was quick to point out that a Greek debt default is not Citi’s “base case,” or most likely outcome, but one that needs to be taken seriously if the markets are ever to absorb the magnitude of Greece’s problems and come out intact on the other side.

 One key reason is that the window could be small for the present enthusiasm to last.

 Some economists consider the startling jobs growth—a 243,000 surge in payrolls and an unemployment rate drop to 8.3 percent—unsustainable and as much a product of statistical anomalies as a jump in hiring. Specifically, a revision that saw the workforce drop by 1.2 million and a consistent drop in the labor force participation served as troubling signs.

1 | 2

Next