Greece can leave the Eurozone and follow its own policies.
None of which will be painless - as in getting its fiscal house back in order again.
But at least it would be Greeks making the decisions, not international lenders and that would be good in the long run both for Greece and for Europe.
That depends on what EU governments do to collect. Greece owes 240b euros. If the EU insists on collecting by seizing all Greek assets and imports and banning all travel to Greece until it pays up, the country immediately becomes Bangladesh with nice beaches. Economically-speaking, the Greek parties on offer ranged between hard left, and really hard left. Syriza is the latter. Not surprisingly, this reflects the sentiments of the populace:
The degree of radical change Syriza can introduce even with an absolute majority will be limited by its lack of money and the unwillingness of 75 per cent of Greeks to leave the euro because a return to the drachma is not really feasible. Greece imports most of its needs and has no important allies in its confrontation with the EU. On the other hand, as the first radical-left government in Europe for decades, it will fight very hard to show that it can deliver on its promises to give free electricity to those cut off, provide food stamps for children, provide healthcare to the uninsured, provide accommodation to the homeless and raise the minimum wage from under €500 a month to €750.
...”at least it would be Greeks making the decisions, not international lenders and that would be good in the long run both for Greece and for Europe”....
Not so sure it will play out that way though...I tend to think another deal will be struck in order to keep Greece in the EU...not because they want them, but because they don’t want pthers following the same path.