You need to use the attribute placeholder. Please note that this part of the HTML5 specification only works with the latest versions of some browsers. If you want it to work in older browsers, you need to do this using Javascript.
echo "<td><textarea class='SEFTextArea' name='mod_SEF_textarea' id='textarea' value=\'tester\' rows='$txtRows' cols='$txtCols' placeholder='Default text'>" . stripslashes($value) . "" . "</textarea>";
Javascript:
echo "<td><textarea class='SEFTextArea' name='mod_SEF_textarea' id='textarea' value=\'tester\' rows='$txtRows' cols='$txtCols' onfocus=\"if(this.value=='Default value')this.value='';\" onblur=\"if(this.value=='')this.value='Default value';\">" . stripslashes($value) . "" . "</textarea>";
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