Ugly word, ugly meaning. (Not that "gremain" is any more attractive, at least from the point of view of the Greeks.) Then there is Spain (which seems remarkably calm in my little village), the next domino to fall. And Italy and Portugal.
What should I do? Not a lot, I think. Run down the balance in my Spanish bank account (even though it was not one of those downgraded yesterday) and keep plenty of cash (euros or pounds) under the bed. Otherwise, just relax and let it happen.
If you're thinking about a mediterranean holiday, there is some useful advice here.