The only sensible solution is for Greece to withdraw fro the eurp. It needs a floating currency to compensate for low productivity compred to the rest of Europe. Default would teach the irresponsible Norhtern European banks a lesson, but not send them broke.

Apologies for typing errors, thought that I had fixed them before posting.

The only sensible solution is for Greece to withdraw from the euro. Greece needs a floating currency to compensate for low productivity compared to the rest of Europe. Default would teach the irresponsible Northern European banks a lesson, but not send them broke.

Why the pensions when many Greeks do not pay taxes. There are so many ways of get out of taxes?

It will certainly be interesting if Greece does default. Given Greek PM Tsipras' platform was easing austerity measures and Greek public sentiment, whether or not Greece defaults is probably more a decision of the IMF and Germany than Greece.

I really don't know how self sufficient Greece is in terms of agriculture. If they left the Euro zone (voluntarily or forcibly) could they survive without aid simply by allowing their Greek currency to inflate exponentially, a-la Germany post WW2?

It's certainly a more interesting potential default than America's would have been. Given all American debts are set in USD and free of exchange rate pressure, they had the option of causing only marginal inflationary pressures by "creating currency." No matter what happens, I don't know that Greece could economically survive that sort of measure in a 'globalised' economy.

Greece and the Greeks have 'earned' everything that's coming to them. It's difficult to think of another group of people with a greater sense of entitlement.

Maybe Greece should take a long hard look at Iceland?