We can easily imagine a counterfactual scenario in which Greek money is still the Drachma, and most government debt is held by the country's citizenry.
It's then safe to say that Greece's problems would be largely unknown. There would be little or no "contagion." That "contagion" is all the rage and default by Greece held to be intolerable, speaks to the internationalization of the government's debt and the implications of a default for the global financial system.

If Greece had been allowed to impose a perfectly normal haircut on those holding its debt, there exists the possibility that such a move would lead to insolvency for large financial institutions far beyond the Greek border.
This of course is not permitted on the grounds that the financial system and global economy can't suffer another Lehman Brothers-style situation that would supposedly author a financial crisis.

Also unknown is how many individuals will never achieve their greatest wealth-creating comparative advantage in the global marketplace thanks to a financial world that is so heavily protected from the consequences of its mistakes.
In truth, the Greek story was a hidden bailout of large financial institutions throughout Europe and elsewhere that have exposure to Greek debt, and that would be pressed or rendered insolvent if Greece's government were allowed to default on its debt. 

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Rogoff and Reinhart point to the 1994 Mexican "Tesebono" crisis as one that would have gone largely unreported had it not been for global exposure to the Mexican debt in question.
Turning to Argentina, though its government defaulted in 1982, 1989 and 2001, the '89 default did not merit international attention because it was then the country's citizens - as opposed to foreign banks - that suffered the consequences.  
These power brokers have no regard for the people; but if the debt affects one of their powerful banks, they step in because their goal is to dominate globally and in perpetuity. Notice that when debt was held by the people, the world community, specifically, the press, took little notice of it.
But when debt is held by powerful banking interests and government, it is suddenly worldwide news. These powerful individuals have one purpose....to completely break down society so that it has little say or power in controlling anything.
To that effect, they are completely duping a large segment of the people into believing that such things as labor unions, religious tolerance, racial equality, care for the sick and the elderly, even medical care for the average citizen, unemployment....in short, all those issues that affect society directly...are the work of the average citizen in an effort to bring down the country.
It is reverse psychology.  Those exact things the wealthy are extrolling as dangers to the society and the work of the poor and Middle Class are the exact scenarios that the wealthy are convincing a big chunk of America that are ruining society.
They actually have people believing that taxing the hell out of the Middle Class, cutting benefits, working to destroy labor unions, cutting the benefits to the poor and elderly, intolerance toward gays and women, driving up the cost of medical care and drugs, religious intolerance, ending unemployment benefits while giving the tax breaks to the fabulously wealthy is a good thing and that the wealthy are entitled to special treatment at the expense of the rest of society. They are painting "Big Brother" as a benevolent dictator who will share his immense wealth with all. What a crock!
Talk about brainwashing.  How can people be so foolish?
The fabulously wealthy in the media have used their influence to paint a picture of President Obama as some underhanded, racist, non-Christian, Chicago socialist mafioso out to somehow turn American into Nazi Germany.
They have used their wealth to put people in power to tie Obama's hands so that government already is becoming ineffective and disgusting.  People are turning away from it in droves.
Exactly what the powerful and wealthy want.  The government collapses and falls into their hands to manipulate as they choose.
Again, reverse psychology.  It is this far right, fanatical faction of duped Americans that are using Hitleresque techniques to support this fabulous wealthy group who are quietly taking over the world.  
If the citizenry don't realize quickly what this faction is doing, they are soon going to find themselves living in a country where Democracy is a forgotten word.
No average citizen should EVER support this agenda. It is a sure fire way to lose the freedoms we have had since the days of the Founding Fathers.  And it is certainly not what they envisioned for our country. 
Some information provided by:  https://www.realclearmarkets.com/articles/2011/07/26/a_global_economy_held_hostage_by_lehman_99148.html