The kind of precedent that the Eurozone does not want to see happen. Spain, Ireland and Portugal have taken loans and paid them back or are paying them back. I

The kind of precedent that the Eurozone does not want to see happen. Spain, Ireland and Portugal have taken loans and paid them back or are paying them back. If any country can default their debt without consequences I leave it to you to imagine the new crazy interest that a EU country will have to pay given the "risk" of a default. That's pretty bad for the three country mentioned above.