For Greece too. A default and return to the Drachma could mean decades of a stagnant economy and poverty for many. On the other hand, if the current crippling debt is not reduced to realistic levels the same thing will happen (is happening). One thing not often mentioned: Greek bonds were not issued under International law but under Greek law, therefore in the case of  default, the Greek government has quite a bit of say on who gets what, if ever. That is quite a bargaining chip and I'm sure that banks, bondholders and European leaders are aware of that.