As has been seen within the banking sector here in 2007/8, the problem if one EU country defaults is that the prospect of others following is no longer deemed quite as unlikely as would have been the case just a year or two ago and that alters the confidence equation greatly. The markets hate uncertainty and I dare say the prospect of Greek default is being factored into their mood and decision making as we speak. God only knows what the 'least worse' option for us all is but let's hope that the EU leaders get to grips with this problem before it's past the point of no return (if it isn't already that is).
Meanwhile in the news at home, MF Global have today gone bust having seen, as I understand it, their exposure to dodgy EU sovereign debt come home to roost. Before the anti-capitalists rub their hands with glee, for every fat cat trader and City slicker who's lost their job in the company's Canary Wharf offices, there'll probably be 10 ordinary back office, support and other staff who're also now unemployed through no fault of their own.
http://www.bbc.co.uk/news/15519124