It's going to be really interesting to see how far creditors are willing to go in order to get the money that Greece either (A) doesn't have or (B) is unwilling to pay.

I think (A) is more applicable in Greece's case. The Euro has favored export economies, such as Germany's, for the past decade. Greece needs a currency that will support its economy, which is much different than Germany's. The Euro's benefits of easier inter-Europe trade and increased European power in the global currency markets have been far outweighed by its inability to cater to the very different economies of the various EU nations.

It's important to look at who owns Greece's debt to see who is really pushing for repayment. [0] The EFSF owns 45% of the government's 315bn Euro debt. Amazingly, according to the EFSF's last financial statement in 2013: "As at [sic] 31 December 2013, the EFSF as an issuer has been assigned an AA rating by Standard & Poor's, an Aa1 rating by Moody's and an AA+ by Fitch Ratings and the highest possible short-term rating from all three major credit rating agencies — Standard and Poor's (A-1+); Moody's (P-1) and Fitch Ratings (F1+)." Germany, Italy, and France own the largest number of shares of the EFSF with Germany at 771k, France at 579k, and Italy at 509k. Most of the other countries own anywhere from 5k-100k shares. [1]

I just wonder if people are going to get greedy/desperate enough to pull a vulture bank maneuver and start seizing real assets - see the seizure of an Argentinian Naval Vessel by hedge fund Elliot Capital. [2] Now that would be a very messy affair.

[0] http://www.bloomberg.com/news/articles/2015-02-02/greece-see...

[1] http://www.efsf.europa.eu/attachments/EFSF%20Financial%20Sta...

[2] http://www.nytimes.com/2012/10/19/world/americas/seizure-of-...