The author misses the point. The reason to keep this going is to continue to sell Greek assets, such as they are, at fire sale prices.
What amazes me is that the Greek people continue to tolerate it.
The banks and hedge funds over-lent to Greece and expect to be bailed out. Greece should stop paying and let greedy lenders swing in the wind. The over-lending banks are as much at fault as Greece... Lending to an untrustworthy borrower without secure collateral is folly. Banking 101. Banking 102 teaches to buy governments and leaders. Banking 103 is getting your government to buy your bad loans from you at 100 cents on the dollar.
Will Spain and Italy be next?
The Greeks live on borrowed money. It will only work if the Greeks cut off the benefits and start actually working for a living