The Argentinian debt crisis of maybe a decade ago. They defaulted.
No one would lend them money after that, of course. To finance themselves, they sold a bunch of major assets to foreign interests. One of the buyers was a Spanish company which purchased an energy concern.
Now Argentina is nationalising them. The Spanish are furious, of course.
What this means for Greece is that investors will be very cautious about pursuing the same cycle. Even so, Greece is bound to default as it exits the Euro.
Outside the Euro area, Iceland has done something similar in terms of defaulting on its debts and is faring a bit better that Ireland which hasn't defaulted.
The problem comes if a country as large as Spain or Italy defaults. Then we have a major global problem.
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