It would be a halt of payments to the ECB and EFSF really.

And anybody should care about that ... why?

One thing that's different this time is that new leadership might not make any payments on debt which would put them in arrears and as well afoul of EU regulations.

Austerians are losing their ability to control events.  When the PIIGS have been joined by Netherlands and - I hope - France in chanting, "We're Not Going to Take It!" the preponderance of power within the EU has shifted and re-writing the regulations becomes possible

She believed in nothing; only her skepticism kept her from being an atheist. -- Jean-Paul Sartre