If Greece does default, the result will be a vastly devalued currency, and a massive reduction of wealth for all Greeks. When Greek land and labor have become cheap enough, money will flow back in and pick up the bargains. And the Greeks will endure an economic dark age, a horrible example for feckless and spendthrift countries. Talented and educated Greeks (like Mrs. Huffington) will emigrate, and adverse selection will leave a rump population to gnaw on the bare bone of resentment. Infertility will hollow out the remaining population, and eventually turn Greece into a beachhead for impecunious North Africans seeking entry into Europe. At present fertility, the working-age population of Greece will fall by half over the present century.