There are two sides to this article one is correct and the other is deceitful. I assume that this article was written by a Greek (I infer this from the first person accounting of situation).

The true part of the article is the part about debtors options and possible scenarios.

The deceitful part is the part about "ordinary Greek not understanding the situation and having no part in it". In eastern Europe we have a saying that someone is "indebted as a Greek", meaning that someone is perpetually taking loans to repay old ones while having not a slightest intention of ever paying them off. And this proverb is centuries old AFAIK. So all this protesting going on, pleas of "ordinary Greek people" are an elaborate scheme of shedding guilt. Modern Greeks as a nation are an entitled (an order of magnitude more than attributed to gen-Y) and lazy bunch. Boasting their "heritage", while they have nothing in common with the antic culture.

Any businessman worth his salt will be weary of doing business with Greeks - thats how bad in general their ethics situation is. While I cannot offer any meaningful opinion about how to get out of this mess. I can try to provide some insight into how Germany and France got into this mess. The first would be that greedy coke powered bankers got all optimistic that Greeks will repay their debts this time and went on to issue insane amounts of subprime loans, ok this is not what happened.

What did happen was that western world knew full on from the beginning what would happen - but proceeded anyway, since Greece was too strategically placed in the cold war and could not be lost to Soviet influence. The Greeks being smart, knew that and took full advantage. What happened after the cold war, was basically the subprime mortgage scenario of US played on a national scale - it is fraud committed by German and French bankers over the people of EU. I'm not believing anyone "in the know" telling me with a straight face that they didn't know that Greeks were cooking their books.

So in a sense like US subprime fiasco is fraud committed by US elites over people of US, European sovereign subprime debt crisis is also a fraud committed by European elites over their peoples.

I recommend reading this analysis of Greek[1] and Irish[2] debt crisis. It has to be some of the best journalism I have ever read.

[1] http://www.vanityfair.com/business/features/2010/10/greeks-b... [2] http://www.vanityfair.com/business/features/2011/03/michael-...

Let the Greek diaspora and leftist lunatic downmodding begin!!

Edit: Indeed it was not written by a Greek. But the part about people of Greece not knowing what is going on is pure bullshit - I am not accusing the author of having an agenda. However I am accusing him of not having balls and bringing it out.