Switching currencies and devaluing causes a lot of pain and hardship, especially since capital quickly flees the country to avoid the devaluation. This usually

Switching currencies and devaluing causes a lot of pain and hardship, especially since capital quickly flees the country to avoid the devaluation. This usually necessitates capital controls, and leads to a lot of short term chaos. Greece would likely prefer to avoid this pain, stay in the Euro, and escape the crisis through fiscal stimulus paid for by the EU, similar to how the US Federal Government provides fiscal stimulus and transfer payments to State Governments.