The main point is, if you try to repay your debts, make massive cuts, push through reforms while your social fabric is tearing and your people are despairing, if you restructure your debt so that, in effect, you move any court-related contingencies from Athens to London, if you do all this simply to wipe only $25 billion from your load--and in the end you are expelled for all your (albeit shortsighted) efforts, then the markets will very well determine that the possibility of "failure" in other countries is great.