The Greek debt saga is being followed by the Irish debt saga, which will be followed by the—you fill in the blanks—debt saga.
In a never ending twist, country after country will be overloaded with debt that can never be repaid, all in the name of bailing out the current bond holders and kicking the reality can down the road.
Alen Mattich of Dow Jones Newswire is right on with this short and succinct analysis:
http://s.marketwatch.com/media/swf/main.swf
Sooner or later, an indebted country will step up and refuse to get sucked further into the bailout cesspool. Once the first default occurs, it may very well have a domino effect, with others to follow.
While that will have initially grave consequences on the financial markets, it will be also the first step of a long road to recovery, which includes getting rid of indebtedness of such magnitude that it otherwise would have burdened and negatively affected generations to come.