A Greek deal must be reached before March 20, when Greece is due to receive a further €130 billion “bailout tranche” from the International Monetary Fund, and then must make a key €14.5 billion bond payment. Of the €315 billion of Greek debt outstanding, only €7.8 billion of that debt is covered by Greek credit default swaps, and the vast majority of Greek debt (€ 120 billion) is held by European banks, which have little insurance on their exposure.
What happens if Greece goes bankrupt. Here are a few things: