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hy can't Greece just default on its debts?

If Greece were not a member of the eurozone, it might be tempted just to default on its debts, which would mean either declining to make interest payments or insisting that creditors agree to accept lower payments and write off some of the debt.

In the case of Greece, that would present enormous difficulties.

The rates of interest that eurozone governments have to pay have been kept low by the assumption that the European Union and the European Central Bank would provide assistance to eurozone countries to stop them defaulting.

If that turned out not to be the case, the cost of borrowing for many of the smaller EU states, some of which are already struggling to service their debts, would rise significantly.

It means that if Greece were to default, the Irish Republic and Portugal might have to default as well.

A default would also be bad news for the banks that have loaned large amounts of money to the governments of Portugal, the Irish Republic and Greece.

If all of those banks got into trouble, it would seriously test the resources of the European Central Bank, which has loaned large amounts of money to the banks involved and to the countries themselves.