Contagion is unlikely

When the Greek debt saga began in 2010, majority of the debt was in the hands of foreign banks and institutions, thereby creating a risk of default, which could lead to contagion.  Conversely, today a vast majority of the debt is consolidated in the EU and IMF - two institutions that could handle a default.  Keeping in mind Greece is only 1.5% of Euro GDP a default would not break the EU and spread into Europe.  We live in interesting times.