If (corporate) borrower defaults on its obligations, it often leads to bankrupcy, forced asset sale and liquidation / dissolution. Considering that laws probab

If (corporate) borrower defaults on its obligations, it often leads to bankrupcy, forced asset sale and liquidation / dissolution. Considering that laws probably does not assume possibility of bankrupcy or other way of dealing with insolvency for sovereign, that does not mean defaulted debt disappears. It may or may not be reclaimable in local courts (based on local laws), but it likely could be reclaimable in foreign courts. That would cause long-term legal clusterfuck for Greece and that would likely be much worse than the current state.