Greece has announced it will default on its next scheduled IMF payment while the national referendum is held to determine whether or not Greece leaves the EU, which may very well be beneficial for Greece but it is right that the citizens decide. Banks are closed in Greece, as is the stock market.
See comments at ZeroHedge for a variety of interesting insights and viewpoints:
Robert Samuelson argued in his interesting article published in The Washington Post that a Greek default would not have effects beyond Greece:
However, it is notable that Puerto Rico just announced it would default on its debt:
Meanwhile, China's stock market is dropping fast, "as margin calls bite," according to Fortune:
Lots of brush fires for central bankers to try and control contagion effects.
Life is going to get worse for majority of people in affected countries, especially Greece.
Already conditions in Greece have deteriorated significantly from 5 years or so of austerity. I cannot imagine the additional social impact of further austerity measures.
Lots of predators are lined up on the sidelines to extract what they can from a broken Greece.
Relevant previous posts: