system
Given the following post, respond as if you're commenting on Reddit:
human
ELI5: what happens exactly if a country goes bankrupt?

for example greece, that has massive debt and a few time was on the edge of bankrupcy, what happens if it will go bankrupt?
gpt
The country issues an announcement "We know we are suppose to repay X amount of debt this year, but we are not going to. Because we can't (or we don't want to)."

Entities that loan the money will complain for a while and then ask if the country will pay back at a later date? or pay back some of the money?  

Depend on what they say, their credit rating will either be totally screwed for a long time or screwed for a little while.

Which means the country will have a hard time borrowing money in the future. When they buy things from other countries, they will need cash up front. International businesses wouldn't want to invest in the country. In extreme cases, the country's over sea assets may be seized. If the country have its own currency, it will be almost useless outside its own border.