What Happens If Greece Really Defaults? - Yahoo! Finance I posted it here because it addresses specifically some of the problems we would face if Greece Defaults. The First problem is systemic risk. Because everything is so interconnected in the international community if one collapses it can create a trigger that collapses the entire system. The Second problem is actually a mixed back. It would devalue the Euro, which would increase the value of the dollar. It means our dollar will be worth more. Which is good in that the dollar will be more stable, but bad because it hurts our international trade and makes paying off our debts that much more expensive. This is something we need to pay attention to. Pretending its not important wont make it disappear.