“Iran has a fungible commodity that is in high demand: oil. Greece has nothing, save tourism.”
Greece has strategic geography they can sell to the highest bidder instead of hanging with NATO. They have good pipeline route position, and huge gas fields are being discovered all over the eastern Med.
This is a messy deal, but Greece is not without bargaining power. I love to see the EU take it in the shorts. But deep inside, I think that a Greek default to the EU, means the US taxpayer will be left holding the bag. It makes no sense, but just watch.
This is true, if you assume Europe as a whole is indeed 'strategic.' An argument could be made that none of the Euroweenies are worth saving, let alone Greece.