In a parallel universe, Greece does not default. Willem Buiter (chief economist of Citigroup) provides a compelling scenario:

“the only plausible outcome is where Greece does not default unilaterally but adjusts, most likely with restructuring of its debt, where the euro area offers financial support with tough conditionality”. And a "European Monetary Fund" should provide "fiscal insurance" and "financial recapitalisation" for financial institutions. 

I can see a bailout, but cross border fiscal insurance is going to be a stretch, I think.