From a worthwhile comment on Zerohedge:
Even if debt is offered completely interest free, Greece is running perpetual Current Account Deficits (CAD) so nothing is solved.
A haircut is useless. TARGET2 already provided one for YEARS by treating PIIGS sov-debt as AAA (ridiculous) to avoid market haircuts. It doesn't work.
The Euro cements in place Greece's Current Account Deficit because it is impossible to disadvantage imports via loss of international purchasing power under a devaluing currency.
No amount of reform can ever make the Greek economy superior to Germany's so the CAD will continue forever.
Selling assets provides temporary relief but then exports positive revenue streams meaning that future CADs will be even worse.
A single nation United States of Europe solves this by making Greece equivalent to East Germany following reunification. That was always Soros et al plan, but EUROPEAN PEOPLE DON'T WANT IT!
German banks lent to Greeks who used the money to buy German goods and services. The money just shifted internally within Germany from banks to industrials. The black hole left in the German banks following a Greek default is covered by deposits of German industrials meaning that it's Merkel's reversal problem now, not Greece's. Did Greece really think it was going to earn money back from German Industry to pay debts to German Banks? LOL! Does Greece have a BMW, Volkswagen, Siemens, etc? Nope and it never will.
Open market FFA is bullshit. The players have different skill levels which is why, if you want a competition, you must have a handicap system or skill-based separation of leagues, something that every professional sports administrative body on the planet understands. Unless Major League Germany accepts a big handicap, Little League Greece can NEVER be competitive.
Seeing as that's never going to happen, it's time for Little League Greece to stop showing up to the Major League games. Only an idiot keeps playing an unwinnable game.
Default and leave the Euro already. If Germany insists on kicking the shit out of Greece while it's down then that just shows the world what a collection of cunts German leaders are. Like a heavyweight boxer knocking down a child opponent then jumping around celebrating like he's some kind of fucking hero. Only YOU think it you prick.
The Euro puts kids in the ring with heavyweights and lambasts the kids for not being "competitive". It's a sick joke.