If they default, they wont go into slavery.. How it works is they will break out the euro and go back to their own currancy.. It will fall off the face of the earth as no one will want it..
This means they will never pay their debts back, but now they have their own currancy they can now print money like america and start paying all their government workers and pensions and unemployment benifits again.
This will probably send their currency value down even lower making it even more likely they will never pay back those debts as it gets harder to pay the more your currancy devalues.
This will push up the costs of imports for them, which will force them to start making stuff.. This will create jobs and possibly give them exports to pull money back into the country.
For the rest of the world, we wont find out until its tested how that money was tied up.. wont be as bad as subprime as its smaller amount of money, but it might break something with the world so fragile at the moment.
