As other comments have pointed out, and Tsipras pretty much says himself in this article, good money was thrown at bad but was done so not to prevent a producti

As other comments have pointed out, and Tsipras pretty much says himself in this article, good money was thrown at bad but was done so not to prevent a productivity fallout in Greece but to prevent one in the rest of the EU or world. And now Tsipras is arguing bluntly that Greece's economic system will not rebound as expected because it's productivity problems are deeper than liquidity. It is worth looking at Detroit here. Not because of where they are similar but where they are not. Detroit could not repay debts and required restructuring (aka hair cuts). Importantly they decided the type of hair cuts on their own. They had to do this because there was no Federal bailout. Michigan agreed to pay 194 mil for pensions as a lump some (aka a gift) but Detroit had to sell off assets, renegotiate with creditors on their own and reform where they could. But again, they did this because they knew they had to. It wasn't directly dictated by "The Union" (Fed). Importantly they were given some breathing room because at least some portions of social services providing stability are Federal (social security, medicare, medicaid). And though they just exited bankruptcy it's likely without investment from overloads (state and federal) a full recovery will not happen. Or at least, investment will certainly help that become more possible. What is missing in the EU are these social safe guards. And it seems a good time to build them. Rather than dictate to Greece how to alot retirement or social welfare or other social services, they should provide a baseline EU wide option for entities that default. This option makes it easier to let them get at least as close to default as is required for them to be in a place to consider what changes they could make to provide future stability. And when it comes to bailouts it should come in the form of investment. Both seem to be a rather obvious steps in maintaining the Union and providing greater trust and integration. Anything else should be decided in negotiations only after Greece begins the hard negotiations with its creditors after all accept imminent default.