Timber, they are German! Imagination isn't known to be their strong suit!
In saying that the Greeks are hardly blameless here. Its the Germans & French fault for ever allowing them to join in the first place. But the Greeks haven't shown any interest in real reform in regards the black market economy & were happy to take billions in capital projects but just weren't willing to pay for it. The Athens metro case in point. I feel sorry for individuals who have really no say in what has happened & have been caught up in it & agree to resolve the issue it requires a far more imaginative approach.
Portugal again on its own you are right isn't big enough, but add it to Greece & then you have a growing problem.
As in Greece its the people who may decide Portugal & Spain's fate.
If the Greeks get out & walk out on the debt, voters on those countries may follow the Greek path & elect parties with similar policy. You are far closer to that than I, so would be interested in your views on that.