''..Greece going bankrupt would throw the country into utter economic chaos. The government would not be able to pay public servants, the water and electricity supply would break down and companies would go bankrupt.
Athens also would have to stop servicing its debts. This would primarily affect Greek banks, because they naturally hold most of the Greek bonds.
Without government bonds they would have no more securities for the European Central Bank to refinance themselves. Moreover, "Greek banks are likely to experience a run on their deposits," Christian Schulz of Berenberg Bank told DW. "Greek investors are likely to try anything to pull their money out of the banks and to get it out of the country if possible."
All this would drive the banking sector into ruin and hit other banks in Europe. However, experts predict that the impact on banks outside of Greece would be limited. After cutting the debt they would only have about 40 billion euros of Greek bonds on their books..''
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