If we step out of the realm of economics a little bit, we can also discuss the political scene in Greece, whether mass demonstrations can topple the government, whether there may be a political leader in Greece that is more amenable to bucking the EU, and whether Greek society has a breaking point as far as austerity goes. Many of the economic questions may be overtaken by reality. Political stability is not a given.

Does the EU fear not only the economic instability caused by a Greek default, but also a political instability? And beyond that, does the EU value Greece strategically as a partner in its southeast corner, abutting Turkey, North Africa and the Middle East?

The economic decisions certainly seem to carry the most weight here but I would remind that there are cultural/political factors as well as strategic factors that are also involved, especially as they relate to immigration and further integration with the Middle East.