[barlescabbage]

It doesn't matter whose debt their defaulting on. They will be suspect borrowers for decades to come. They'll have a harder time getting loans from any country in the west or east. Their business and government infrastructure will suffer the consequences from the decisions of this current government. This will end badly for them and the ramifications will last decades.

If you don't believe me ask an Argentinian.

[DominikR]

I know Argentina had a bad time, and the Greeks will probably too for some time. (albeit much shorter)

But not every country is equally valuable to the great powers.

China needs a strong commercial foothold in the mediterranean sea (ports) to control economic trade with the EU. (which is enormous compared to the trade with Argentina)

Russia could want to fracture the EU and NATO if the standoff with the EU & US continues and wants military cooperation and bases in the mediterranean sea.

Turkey wants to reestablish its influence over the muslim countries in the Balkans and since they are now EU candidate for almost 30 years (meaning: they will never be allowed to join) they will try to find an alternative. Even worse for them, the EU and US appears to be actively working on fracturing the turkish nation via the Kurds. For them it might be a question of life and death to push the West out of the balkans and the middle east.

[gonvaled]

Well, if they default on their debts, their books will look very good so they will make for an interesting creditor. There will be lots of angry people around, but it will still make finantial sense to lend, for a tasty interest rate, of course.