This is a bit melodramatic. Debt is a business agreement, if it's not secured then the interest rate will be higher. There are numerous ways for lenders to pro

This is a bit melodramatic. Debt is a business agreement, if it's not secured then the interest rate will be higher. There are numerous ways for lenders to protect themselves against default, but default is always an option. There's no moral failing, it's purely an economic decision from here forward. Greece will technically default, they'll renegotiate terms, they might leave the EZ, but in the end, life will go on and banks will gladly lend to them again.