The problem here is how intertwined the EU is. Everyone owes everyone else money, and if one of the payees defaults, everyone panics and starts pulling their loans to other countries. In the meantime all the countries that owe each other money (the US is in there as well) start defaulting on their loans, and we see a massive economic collapse. It's an economic house of cards.
Countries like Greece will continue to sabre rattle because they have a massive debt/GDP ratio, and the rest of the world has more to lose than gain by letting them go under. I've seen similar things happen in the business world when one company owes 10 different companies a pile of money, then threatens bankruptcy to avoid creditors. No one wants them to go under, because it sends a ripple effect through the market.
My opinion is screw em. Let the markets collapse, and rebuild it. If we had of ripped off the proverbial band aid 2 years ago and let the markets fail we'd already be on the road to recovery. Instead we have individuals, corporations, even countries that have been propped up by bailouts and are so badly mismanaged, you're only prolonging the inevitable.
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