So how is Greece any differant thah General motors or Chrysler or any other outfit that had to be rescued from their high spending managements? Let them file for chapter 11 and then sort out the mess and start from scratc. Yea, I know, the humanitarian cost to the people, especially the older ones, but they have lived like kinge on borrowed money for a long time now, perhaps they could sell of some of their realestate, those ilands they have must be wort quite a bit, a good auctioneer should be able to get top $ or uros as it were, after all, if it was you or I, we would have to dispose of some of our assets if we couldent pay our bills, so why is a little country any differant?
When countries joined Euroland, their current debt was converted to Euros and the Euro has been gaining value making the converted debt more expensive day by day plus paying interest to bankers including new bailout loans with new interest to pay.
They have to payback in Euro.
So far rich-uncle Germany (citizens) are the bulk of the ones who can afford to loan Euros for bailouts. The banks just sit back and collect interest.
-——so why is a little country any differant?———
You noted corporations. The most glaring American comparison is California. California is Greece. It completely lacks the will and the means to recover.