The only way out is for those foolish to have lent Greece the money to eat their losses. Greece will have to then have budgets that are balanced budgets entrenched in law.
“The only way out is for those foolish to have lent Greece the money to eat their losses.”
Now, unfortunately, most of those “Losses” (with the profits booked, and bonuses paid on, long ago), will be eaten by YOU and ME, the AMERICAN taxpayer, because the primary holders are Citi, Goldman, and the IMF, while a myriad of US banks and Dem-connected billionaires hold the derivative papers for it all.
And, they are just too big to fail, doncha know.
Greece exit from the EU and Euro would mean they may as well print their national currency on toilet paper, just before they throw themselves at the feet of the IMF.