Major debt problems are brewing in Europe and in many other parts of the world (including the US). Greece was just a taste of what is to come. The market has discounted the news in the absence of "dead bodies". It actually needs to see a failure or three. When multiple countries start lining up for financial aid (and they will), the problem will be too big to ignore. For now, the rest of the world seems content to finance the ponzie scheme. Great corporate earnings, solid balance sheets, decent economic news and low interest rates are fueling the market.