Ok, they can't afford the interest let alone the capital.
However, The EU is the sum of the member states and those members, especially in Eastern Europe, or those recently bailed out with stringent conditions such as Ireland and Portugal will not allow Greece to get away with not complying in order to make them more solvent.
They had to.
What will happen? Who knows? But Russia and China are lining up to have an economic interest in Europe, so something must give...
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sj