Greece has been in negotiations with EU member countries and the IMF to secure a bailout - money that would allow it to pay debts coming due in time to avoid having to default.

VOA: standard.2010.04.28

Only by summer of 2011 did the Eurozone admit that a default on Greek debt was required but, by the time the default was implemented in early 2012, Greece now had a mountain of official sector debt.

FORBES: Standoff on Greece Driven by Short-Sighted Europolitics

We believe that it is very important that we have hopefully averted what would have been the most substantial headwind of all, which is a default for the first time in our history, and that that will contribute to a more positive environment that we hope will allow for greater growth and job creation.

WHITEHOUSE: Press Briefing

Assuming bondholders stand firm, then euro-zone governments face a straight choice: Either they step in to take a share of the losses for the first time in the crisis or they allow Greece to default, something they have fought hard to avoid for the past two years.

WSJ: Agenda: Greek Situation Is Most Serious of Latest Euro Crisis