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    #14 Howard - if we don't bail them out they will just have to get on with it and tighten their belts. Even defaulting would not solve their deficit, an overspend is still an overspend.

    Worth adding - if they default no-one would lend them the cash to carry on with the deficit spending. They would have to act on it. Exiting the Euro would enable their currency to take some strain and would generate export sales (cheap ouzo, olives and holidays) but they would end up with massive hyper inflation if they just printed cash to bridge the deficit gap. They would be forced to cut spending as they should do.

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