Under US law, if a sovereign bank draws on the FRBNY liquidity program, they are immune from repercussions if the sovereign nation itself defaults and we have Jake Tate to thank for this (see page 1065, middle paragraph). Given the US has its own problems, the last thing the FRBNY will want is to grant immunity to a competing nation for defaulting on its bonds. This has happened before when Argentina's central bank waived its immunity to make its debt certificates more appealing and defaulted, leaving 2 US hedgefunds holding the bag. Though the HF won judgement, they were restricted from attaching Argentina's central bank's reserves held at the FRBNY because the courts concluded those funds didn't actually belong to the Central Bank of Argentina.
Expect more of this "litigation arbitrage" to take place and increase in complexity as Europe dupes the globe into thinking they've "solved" the debt problems. We can be relieved though because Chairman Bernanke told us he wouldn't bailout Europe. Truth be told, it's obvious he lied.
ECB Open Market Operations
Also, since 2012 began, the CME has been increasing its inventory. Zerohedge reported today that the CME has lowered its margin requirements and it makes sense that they ramped up inventory ahead of this. Considering that the economy is still fragile, it would be safe to guess that clearing houses and central banks are preparing for market participants to demand alternative assets.
2012 CME Silver/Gold Inventories