Can't say I'm surprised by this, but this could get very bad for EU. If China gets too much power in Greece, a EU member it would be very bad for the EU, and if Greece leaves, it'd open the door for other struggling countries to leave next time an economic crisis occurs.

For Greece's sake though, I hope they fucking get their shit together. They gotta understand how much they are to blame for this. Too high pay for public sector workers, too much corruption, people retiring early etc. And they have to get some industry going for god's sake! And increase taxes, and get a proper system going to collect those taxes. If they don't improve those things, this will happen again in a few years.

Germany won't accept that, it goes against their interests.

Greece is just abusing the fact that it is considered the "Cradle of Western Civilization". If it was another small Country, like I don't know.. Slovakia, Portugal, Slovenia or else they would have been most likely kicked out already.

First they use "creative accounting" to meet the parameter to enter then Euro. Since their economy wasn't ready they are facing now the risk of default. Still they don't want to pay their debts. Even asking the people with a ridiculous referendum which is most likely anti constitutional.

The problem here are not the Greeks per se, are the German and probably also the French people who are tired of paying for everybody else. If Germany or France become anti European it's over.

German banks have bought a ton of portuguese, greek and spanish debt. I wonder if anyone knows why?

To keep the EU political and currency union going I guess while they were pushing Greece etc to kerb their spending and stop increasing their debt.

I don't see why Germany, France, UK etc should be criticised for this. Greek politicians just kept spending money they never had and now they are basically saying to those who lent them money its their fault. It's all a bit wierd. Greece lived beyond their means basically although I'm not saying the euro didn't have a massive negative effect on Greece. However it was Greece that chose to join the Euro so again their decision. 

I feel sorry for the french and german tax payers who basically will have to pay for Greece defaulting. I'm sure it won't be great for Greece either in the short term but at least they wipe the slate clean.

What is more worrying is how this is handled. It's not in Europe's interest to see Greece do well out of defaulting because then other countries may do the same. It needs to be seen that defaulting was the wrong decision so I wonder how Europe will achieve this. Maybe make exports from Greece difficult, push to make their currency as low value as possible. So that both imports are expensive and exports are more complicated. I can see the standard of living in Greece dropping like a stone.

Not to mention Ireland, Portugal and Spain had half as much austerity as Greece did.

And speaking of free passes, Germany was the first country to have violated the deficit rules back in 2008 if I recall correctly, free pass. And why exactly is Germany allowed to have such a huge trade surplus? That's against EU rules as well. 

Politicians there didn't want to make the hard call so they allowed their people to do it themselves, It was very cowardly imo.

Most of that is now with other countries

That trade surplus is probably what they used to pay for all these loans but lets not forget Germany has a huge national debt of its own. Greece defaulting on its debt is only going to increase their national debt when its realised they won't be getting that back. That will take them well over 2 trillion of debt in euro's. That's then more interest the Germans have to pay because of Greece defaulting, more cut backs in Germany. This ain't going to do down well.

http://www.nationaldebtclocks.org/debtclock/germany

France is already in a much worse position than Germany too;

http://www.nationaldebtclocks.org/debtclock/france

and they will lose far more with a Greek default.

Way to commit economic suicide. At least sexy time is free, Greece being most sexually active nation and all.