You pay much more by defaulting than by not defaulting.
“People forget to look at what happens when a country defaults, which is something I have been studying for several decades (..) Financial markets make you pay for the default with higher interest rates. They make you pay for the present value of losses, plus a big premium with the uncertainty linked to that. You pay much more by defaulting than by not defaulting.”
Christian Noyer, Parigi, 11 dicembre 2010.