So why shouldn't Greece just default on its debt? Anyone want to make the case?

Update : worth reading Bill Seitz's link (in the comments) and this.

What's utterly clear is that, however they've managed it, the financial community have contrived to speculate with the world's wealth for the last few years, awarding themselves huge pay-offs when they hit the jackpot. When, however, the whole edifice finally comes crashing down, they cry to their governments for bail-outs while the bond markets pressure the politicians of the wealthy countries to pressurize the politicians of the poorer countries to push the pain onto the most vulnerable and needy members of their society.

It is Greek pensioners, the sick and the unemployed who will suffer the worst of the downside of the austerity measures that were voted through today. Yet it was the elites of these countries which borrowed the money and enjoyed its benefits. And it is the foreign lenders (those who allegedly bear the risk), that are guaranteed to be repaid, thanks to the IMF, EU and Greek government.

There's nothing new here. It's the old logic of capitalism playing out yet again (as it has in Asia and Latin America, Russia and Eastern Europe for the last two decades). Maybe its coming for all of us in Europe now.