[adebtlawyer]

For longer, drier background reading, recommend "This Time It's Different." One key insight the researchers shared was that outright defaults (complete failure to repay) on sovereign debt are rare. The Soviets did it on the Tsar's debt, but usually what happens is that repayment is delayed. My guess is that Greece will do that rather than switching currencies. The exact terms depend on what their creditors will allow, but their creditors have a lot to lose from failure to reach agreement, too.