I believe that it is unlikely that Greece will default. The stakes are too high for Greece and for the rest of the euro gang. Too much money and prestige have been invested banking on a rescue. The major obstacle was not the Greek government but the lack of readiness of the Greek people to bear the burden. Now, so it seems, the Gordian knot is cut, and the Greek government is about to succeed in applying a spartanian program of cuts into the welfare state. A necessary lesson was taught for the rest of euro zone and well beyond as well. The welfare state is dead. It has died in Greece, ex oriente lux.
Nevertheless, one must also consider the possibility that the plebs will have its say after all. In Greece the fate of the Western world will be decided once again.