NEW YORK (CNNMoney) -- Experts agree it's almost certain that Greece will not be able to pay all of its debts. But if the country does default, what happens next?
Greek leaders are struggling to agree to a set of painful budget cuts, including layoffs and new taxes, in order to get the next round of bailout cash from its European partners. But Greece is in the midst of a painful recession, which is cutting tax collections and causing it to sink even deeper into the deficit hole.
And even if Greek and European officials can agree on deficit reduction measures, the bailout plans need to run a gauntlet of votes in 17 separate European parliaments. Last week, just the news that the Austrian parliament had failed to set a timetable for a vote sent European and U.S. markets sharply lower.
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