Greece and its creditors are engaged in tense negotiations to restructure the beleaguered nation's debt, and many experts are worried that a default would destroy the euro and the eurozone.


"Greece, from whose ancient playwrights Western drama descends, is in an absurdist melodrama about securing yet another cash infusion from international creditors. This would add another boulder to a mountain of debt almost twice the size of Greece’s gross domestic product."

Greece offered a new plan Sunday to stave off default, but it is by no means clear the proposal will be acceptable to the nation's creditors — other eurozone members, the European Central Bank and the IMF.

Still, on the bright side, "this protracted dispute will result in desirable carnage if Greece defaults, thereby becoming a constructively frightening example to all democracies doling out unsustainable, growth-suppressing entitlements," Will argues.

Greece needs a package in place by the end of the month to avoid default. And star CNBC commentator Jim Cramer predicted last week that's not going to happen. "If there really was any sort of deal, it would have been [done] this weekend [of June 8]," he said on the air. "If we don't get a default, it would be nice, but I think it's pretty much game over [for Greece]."

Greece needs to come up with $1.8 billion for the IMF by the end of the month, but the Greek government and its creditors are at odds over how much austerity the nation must adopt to ensure further aid. The spat is sparking turmoil in financial markets.

"I think that Europe's paralyzed by Greece. I think it's time for the Germans, who are really running this show to say [that] enough is enough," Cramer said "The stock market there is hostage to Greece. It's time to move on."

The Stoxx Europe 600 Index has risen 2.7 percent in the last week.

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