If we have (collectively) promised Greece to provide sufficient credit at lower-than-market interest rates, then Greece no longer has to borrow at market rates. What, then, is the negative effect if the rating agencies declare a de facto default or whatever?

Apart from enriching the hi-rollers who bought CDS, at the expense of American banks that sold it?

_{It is rightly acknowledged that people of faith have no monopoly of virtue - Queen Elizabeth II}