Greece is toast, and unless someone declares a general debt jubilee, so are the dominoes - so of course, that's what they will scramble to do in some form. Remember that interactive graphic about who owns whose debt? Total cluster fsk. At some point, even the ECB isn't going to take total toilet paper as collateral for their cheap 3 year money.
In related news, this ZH article title says it all.
landmark-case-greek-court-writes-employed-bank-customers-debt
http://www.zerohedge.com/news/landmark-case-greek-court-writes-employed-bank-customers-debt
They're pushing the failure attitude right up to the very wall - it's over, they're not repenting, just wait for the plop sound.
Portugal, Spain, Italy - France not likely, but in that order. Ireland will get special treatment. You heard it here first. Japan in there somewhere - ask Kyle Bass, he's right - again. Who would have thought that all you need to do is keep awake while reading endless boring financial reports so you know the actual numbers to have a huge information asymmetry advantage? Go Kyle. Hopefully most of us have seen "Come undone", right? He's not talking trash, or his book there. Just the real numbers, honestly researched, that most don't know.
Yeah, "pulling an Iceland" is a good one. When your private banking system runs up some huge 2 digit multiple of your GDP in "bad financial engineering" and you're a tiny country with "no" productivity and everyone knows it - it's a no brainer. And no one is going to blame you - they'll be doing business with you again in a week. If some larger, more productive country pulled that - they'd be world pariahs for quite awhile. Except for one thing - Iceland didn't "pull" anything - they did nothing. That's it - they just didn't do anything, and let the chips fall.
UK....laxer finance rules (rehypothection is nothing compared to what they do), worse situation if you follow the numbers - but they have us at their back BB will print for them if required. Note how they refused to join in that last batch of EU junk because it would require them to uniformalize their bank regs with the rest of EU?
They had some real good reasons to refuse, despite it costing them a lot of prestige and friendship. I'd suggest people looking into the frauds and just stupid financial engineering going on there - it's much worse than it ever was here. Please include mark to unicorn in that work. They even "fix" the price of gold right out in public (and yes, I know that's a joke - or is it?).