johnincrete wrote:If Greece defaults, does it mean we will never have to pay back the loan and can move forward with a clean sheet?...
At first glance the answer is no. The vast majority of the debt is denominated in Euro and issued under English law. It would still exist after a Grexit. It would retain its value in Euro so would require ever increasing amounts of new drachma to repay it if, as expected, the new drachma lost value relative to the Euro. The Greek government cannot unilaterally void it because it is outside their legal jurisdiction.
There is a possibility that Greece could challenge the bailout part of the total debt in an international court as being odious since it was effectively externally imposed on them and virtually all of it went to bail out banks in other European countries. I'm not sure how that would play out. Does anybody really believe an international court woul reach an impartial verdict against such powerful players as the IMF, the ECB and countries like Germany, France etc?