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Of course they will; especially US banks.... but mostly European banks...The 'bailout' of Greece is really a bailout of eurozone banks.

The Greek economy is small with not much impact on Europe or the world. Greece's default though could have a domino effect, influencing European and even American banks.

Moreover, if Greece defaulted there is fear that other European countries including Spain, Italy and Ireland could go the same way.

The bailout and austerity measures (if implemented) would save Greece and send a signal around the world that the crisis is controlled. It seems that the world economy is slowly rebounding. The solution of Greece's economic problem could help the process. 

Greece is not making progress on this basis. All it is doing is incurring new debt to retire old debt .

Totally agree...

To avoid future defaults, the Greek economy has to grow fast. Economic growth must come from exports. The question is whether Greece is in a position to substantially expand its exports. This will require the economy to be competitive; hence the cut in the minimum wage.

Totally agree...

After all this is done, private creditors to Greece will have been paid by European public money stumped up by the taxpayers of other European countries. The banks have been bailed out again. Without help they would have got nothing. They now get 50pc of their worthless holdings and the subsidy comes from the taxpayer.

Some financial experts say that the Greek debt deal "will preserve the financial stability of Greece". I am afraid it won’t

So Why would Europe's financial and political elites insist the deal is sound when they know it's not? The reason is because the 'bailout' of Greece is really a bailout of eurozone banks.

You don't make a balance sheet with too much debt better by adding more debt; you fix it with less debt.

They are going to have to find new ways of reinventing themselves, upgrading their skills and become more entrepreneurial.

This has got to start not just in Greece but worldwide

Counting on government to keep helping you, anywhere in the world, is a losing proposition

Governments jobs is not to create jobs...It is the private sector

In my opinion, tgovernments jobs worldwide should be to create an environment conducive to wealth creation...not job creation

By starting to work real hard, become ultra competitive, avoid not paying taxes and behave like a true member of the European Union instead of breaking all laws and disregarding law and order

Don't believe it has anything to do with any  Olympics.  Besides, cost of Olympics is minuscule compared to the kind of mounting debt we are talking about.

I don't think any of the European leaders really know where this is headed yet...

Greece will receive $171.9 billion from the European Union (EU), $17 billion from the International Monetary Fund and the rest from the European Central Bank.

In addition, Greece will exchange about $264 billion of its debt held by private creditors with new bonds with 53.5 percent less value.

After the penal interest Greece has paid on these bonds already, we still see an insolvent country paying bondholders 50pc of face value when they should be getting nothing.

So Greece gets €100bn written off, but borrows €130bn in order to achieve this, so it is still borrowing more making its overall debt not better but worse in absolute terms.

To avoid future defaults, the Greek economy has to grow fast. Economic growth must come from exports. The question is whether Greece is in a position to substantially expand its exports. This will require the economy to be competitive; hence the cut in the minimum wage.

Just FYI, Greece’s economy shrank 7 percent in the fourth quarter of last year and unemployment is 19 percent, a consequence of cuts in public wages and increased taxes inflicted during a downturn.

With less debt burden, the Greek economy could be prosperous, but only if the Greek government implements the austerity measures, if corruption is curtailed and if people agree to work harder for less money.....Highly unlikely in my personal opinion. So in my personal opinion we are going to be back to square one in a few years

Not doing it at all... and access to capital to Greek entrepreneurs is close to nil.

It is all about encouraging entrepreneurs and providing access to capital.

I really hope not and wish we could all take a much closer look at the Iceland example

In the same week as the eyes of the EU are focused on Greece, Iceland -- a country which in 2008 suffered a monumental crash -- is now recovering strongly.

It has done exactly what economic mainstream thinking would advise. It dropped its currency by over 40pc to make itself more competitive and mainly to choke off unnecessary imports. It defaulted on its bank debt by simply telling the creditors that there was no cash and they could take equity in the banks if they wanted.

So it devalued and defaulted and, far from the markets punishing Iceland, the markets rewarded them. Iceland is now borrowing again, the economy is growing, inflation has fallen and there has been large-scale mortgage debt relief. Crucially, unemployment is now at 6pc and falling. And it is running at 6pc of GDP budget deficit, borrowing from abroad and at home to do so. Who says people won't lend? Of course they will, because the debt default means that the balance sheet is fixed.

The Icelanders took control of the situation and did things their way. They were rewarded. They didn't try to be 'best in class', but laid out things as they were to the creditors. The markets moved on.

I believe the way mortgage arrears are rising here and the way companies are going to the wall due to their debt burden, huge debt deals will have to be done here.

It's just a matter of when, not if. Greece shows us how not to do things. When it comes to debt, Iceland should be the roadmap.

Greece will receive $171.9 billion from the European Union (EU), $17 billion from the International Monetary Fund and the rest from the European Central Bank.

In addition, Greece will exchange about $264 billion of its debt held by private creditors with new bonds with 53.5 percent less value.

After the penal interest Greece has paid on these bonds already, we still see an insolvent country paying bondholders 50pc of face value when they should be getting nothing.

So Greece gets €100bn written off, but borrows €130bn in order to achieve this, so it is still borrowing more making its overall debt not better but worse in absolute terms.

There is a difference between night and day between the Greek and US economies in every single respect you can imagine...Time to really start educating your good self about both

Way too long to explain in 2 words in here

Sorry but avoiding taxes for me is criminal and is not something to disregard

You don't build nations but cheating on your taxes

I am though for a much fairer tax system worldwide such as flat or fair tax that is fairer for all concerned

As I said earlier, the Greek economy is small with not much impact on Europe or the world. Greece's default though could have a domino effect, influencing European and even American banks.

In my opinion, US taxpayers should not bail out ANYONE....not even American institutions.

BAILOUTS in the long run do NOT work.

Read my upcoming Op-Ed about this topic or better my book "Economic Warfare".

Unfortunately it is and this is the major issue finance ministers and others are facing every day.

Read my book "Economic Warfare" It is all about money and power and how the rich got richer and orchestrated the biggest swindle in the world's history...and the circus is still going.

All options have to be open... We have no other choice