In the news

this is my take on this.. setting up this referendum will cost money but let the people have their say, i reckon the majority population vote no (enough already, we want to resolve this without more help), the government will dissolve, Greece get booted / leaves to EU forms new strong government and trade alliance with Turkey and develops a eastern european financial model we can admire/envy and want to be in :)

If Greece does default on their debt surely no-one will ever lend them any cash in future, which would cripple them in terms of any development project that they wish to undertake/etc?

It's my understanding (quite probably imperfect) that the government has to borrow money at the present moment to pay the public sector staff who are agitating against the cuts, and therefore the bailout, so if they refuse the bailout the only way to pay the public sector would be a bit of quantative easing, i.e. printing some new money (Drachma in this case) with which to pay people, leading to a slight inflation problem.

Also, the odds of the Greeks allying with the Turkish is 100% fantasy I would say, based on living in Greece for a while in 2004.