What would have happened if Greece has threatened with default?

What would have happened if Greece has threatened with default?

• Initially countries were reluctant (eg germany ) to lend to Greece in order for it to repay its debt.. However in my opinion The Greek government could have negotiated better interested rates and also negotiated the terms of the loan... IMF/ EU : These are the terms of the loan Greece : I cant accept eg 1,2,3, I can't enforce / cut wages up to a % percent because a social uprising will occur etc etc IMF/ EU : You have to otherwise we wont lend you money Greece: Ok i am defaulting i cant pay my debts then Now lets assume that this scenario was took place becauseGreece has to voluntarily exit the euro ( it cannot be kicked out )a country defaulting in the eurozone will have had massive consequences for the euro currency as it will dramatically drop against other currencies if not end its existence . German and French financial institutions are thought to hold up to 70% of Greek debt and would be severely hit. For reasons of self-interest, therefore, the EU was likely to go to any lengths to stop Greece defaulting so couldn't Greece in a way "blackmail" EU by holding this radical extreme approach and negotiate better loans and also hold a harder position against and not accept all the rules imposed by the IMF / EU ?

• Answer:

  Most likely the domino effect with other countries following too. BTW. Your avatar nickname is really admirable!! Is that all you could come up with ?