When you read all the stories about the Greek debt situation, do you ever wonder exactly what that debt situation is? You can see it very clearly using this chart from the Wall Street Journal.
An agreement just to extend the terms on the debt due this year would buy a lot more time (probably at least 3 more years) and would cost everyone a lot less than if Greece actually defaults on an obligation. Not to mention all the derivatives that might get triggered if a default were to be declared and the risk of at least some contagion.
Even with all the negative news out about the situation right now, it seems more likely that something will be done to at least extend the debt due this year to once again kick the can down the road.. We will surely know by the end of June.