A default would not just lower the Greek wages down to where they ought to be. It would also de facto quickly lead to massive deregulation, reductions in the n

A default would not just lower the Greek wages down to where they ought to be. It would also de facto quickly lead to massive deregulation, reductions in the number of people working for the state, subsidies for political cronies, etc. It might also break various political stalemates. All those factors will help Greece rebuild but it is a very unpleasant way of reforming a country that has had an urgent need for reforms for decades. Unpleasant as in: people will die. A smarter country with better voters would grab the chance it has been given to do those reforms in a slower and more orderly fashion and say "Thank You!" to the IMF and the EU. And then spend the next 30 years apologizing :)