If an individual, and now apparently a government, finds that it is cheaper to default than to perform, that is a moral failing.
If a corporation find that it is cheaper to default than to perform, well that's just good business.
I guess since a corporation is amoral it is immune to moral hazard.
People act as if they've only now discovered that Greek have terrible tax collection and that their bonds were a bad risk. Sure, let's say there should be some consequence for Greece if it defaults. However, there should also be some consequence for the German banks that invested in what everyone else knew was a bad risk. The whole idea behind a risk premium is that there's a chance that you will realize that risk. Well, the German Banks did realize that risk and like good Americans they have attempted to socialize the losses.