So first Greece lies to Germany to get into EU and now Germany has to bail it out?
Why the double punishment?
Issues with Spain and Italy would make the Greek problem look minute. It's thaw two countries that will hurt the Euro more. The call Germany and France will have to take is can they let go of a few failed states and then be strong enough to pick up the pieces? Have a euro zone minus the PIGS?
Do you have any idea of the consequences of a Greek default? Already investors are nervous and moving out not only from Greece, but Spain too. Greece till the last government has implemented harsh austerity measures that German policy makers dictated. But that is not helping. Not only is liquidity which is being pumped is too little and in too late a fashion, but Government cuts is not aiding growth. There are no employment generated, and chaos is ruling the streets of Greece. It's only about time riots break out. People are living on stews, and sleeping on the streets.
Germany can let Greece default, but the enormity of this crisis would send the EU zone into a depression and Germany would not remain unscathed either. Greece on the either hand would start afresh, however devalued their new or old currency is. They then are not liable for any debt repayment. Hundreds of billions of dollars in savings, assets etcetera would vanish in thin air. And if Germany then, still, continues with their arrogant mindset, Italy and Spain too would go the same way. They would think why implement tough austerity measures for peanuts, when they can default and set things afresh and new. A chain of defaults will set off, collapsing the whole world economy, and finally a depression, greater than the great depression of the 1930s.