Can’t squeeze blood out of a rock.
This whole soap opera has gone on for too long. They lied to get into the EU in the first place. Time to go back to where they were.
Besides, this isn't 2011. European banks have learned their lesson and extensively restructured their banking system so a Greek exit will have essentially no effect on the rest of the Eurozone.
My wife and I vacation in Europe every couple of years and visit various countries. For us, the EU is great. Only one currency and no border checks once we’ve entered. We walked from Portugal to Spain and the only way we could tell we were in another country was the changed spelling on the signs. Not sure how well it works for Europeans, though...
All banks will eventually do something of the sort.
About the only way for the Greeks to get out of this mess and get back to a stable Drachma, would be to do what the Germans did with their hyper-inflating Papiermark.
http://en.wikipedia.org/wiki/German_Papiermark
The German currency had been backed by gold, but with the outbreak of World War I, they adopted a fiat currency called the Papiermark, which was not backed by anything.
After the war, Germany faced enormous reparations which it could not meet, so they printed gigantic amounts of currency, which caused hyper-inflation. Finally the US sent over a top business executive and his team to restore a stable currency.
What he did was to create a second currency called the Rentenmark, a very stable currency backed with gold, that was strictly for government, financial institution, and major corporation use. With zero inflation, and a lot of *inherent* deflation (because of the inflating Papiermark) but no inflation or deflation within itself.
Thus, government, financial institutions, and major corporations could eliminate a huge amount of outstanding credit and debt, and eventually stabilize the now worthless Papiermark.
Once it was no longer horrifically inflating, then they were able to create a third, stable, new national currency, also backed by gold, the Reichsmark. And the hundreds of billions of Papiermarks were in an orderly manner swapped for a fraction of those numbers of Reichsmarks.
The gold backed Reichsmark was so very stable that for the most part, even the Nazis did not dare to fiddle with it, though Hitler wanted to, and tried several times before the German financial sector loudly told him to cut it out.
The Reichsmark survived the war, but then was finally replaced by the Deutschmark. It was again a fiat currency, but one under the control of the national German bank, not the government. It was very stable until 2001, when the Germans ceded control of their currency to the European Central Bank, who had little or no self-control, which led directly to the European financial crisis of 2010, which is still ongoing.