Greek drama: Default or not

I can see the rational for letting Greece default to face up the consequences of their fiscal irresponsibity – One would argue the same for letting Lehman Brothers collapse, even though it’s in a different context.
So I can’t see the default happen because it is not in anyone’s interest except those hedgefund speculators, especially when the financial world is too fragile after the GFC to stomach any more catastrophic event.
I don’t underestimate the role of the financial speculators in the Greek drama. If Greece succumbs to the eventual default, others in PIGS will be next in line for the speculators’ attack, possibly Italy since its problem is worse than the others with much higher debt and weaker growth.
The creditors of the Greek public debt happen to be the institutions, the pension funds and the like, of the bigger European countries, namely Germany and France. Default or not becomes a choice between whether the cost of the Greek drama is born by the shareholders of these institutions or wider European tax payers. Similarly to the moral hazard in the bailout for GFC, the Euro will likely bailout to spread the cost of the Greek problem.
One would not discount the bailout from the IMF but it’s too humiliating for the European for that to happen.