After years of pain and humiliation Greece may exit Euro AND EU... PVC says...

[Brenus]

"So if I have a relatively low income and already took a credit of 100k€, and then I go to my bank, will they give me another credit of 20k€?". Yeap if what they can recover after your bankruptcy is old unwashed clothing...
They will go for a plan which will allow you to live and reimburse the debt.

However, for states and Banks, it is different.

If your are a bank, the Government back you up, make a private debt (yours) a public debt (tax payers) then imposes drastic cuts and pretends/convinces that the population is guilty of spending too much, and imposes austerity on the poorest. You can keep your bonuses, houses, change mistresses and cars as you were, oops, sorry, are, one of the best and you will go somewhere else if someone want to take the money you stole, ooops again, earned in selling dubious products or toxic assets. Do not fear jail or even some Court Proceedings, the Government will not allow this to happen.
If you are a State (a big one as Germany in 1953) or with a powerful protector (Iraq after USA invasion) your debt is written off.It never existed anyway. Your debt became odious as the one of Cuba after USA invasion (I know, I know).
The troubles start only if you are a small State, and you are from another political agenda than the ones that precisely put your country where you are, and to whom the same shouting at you now gave the monies without a whisper or a question.
It is not economy, it is politic.
All know Greece cannot repay, but with a signature on a treaty that every one knows can't be honoured, money would been given to Greece in order to pay the Submarines Greece bought from Germany (as part of the former agreement) and the Rafales to France. And Greece debt would have rise-up again, as it did with the same plan 5 years ago.
I almost forgot all this crisis is due to comfortable pensions and lazy civil servants having 2 jobs who could access free money to buy swimming pools.