If you default on debt, you default. Nothing sinister about that. These countries should not be bailed out since a default piont to bigger underlying economic issues in these economies that they need to address. Why throw quick money at a long term problem? Politicians are running economies into the ground because they always choose the parth of least resistence from a voter point of view. This resulted in unsustainable economies of scale - The USA and Japan are prime examples. Things need to change in these countries, but no politician has the right size b@lls to make these difficult decisions.