There is no moral dimension to this situation: Greece is not morally obligated to pay back its existing debts, and the rest of Europe is not morally obligated t

There is no moral dimension to this situation: Greece is not morally obligated to pay back its existing debts, and the rest of Europe is not morally obligated to loan more money to people they don't believe will pay them back. (If you think that Greece "needs" the money and Europe should give it to them because they're suffering, there is a list of 140+ countries poorer than Greece here: https://en.wikipedia.org/wiki/List_of_countries_by_GDP_(PPP)_per_capita https://en.wikipedia.org/wiki/List_of_countries_by_GDP_(PPP)...). It seems like a bad idea to _me_ to default and leave the Euro. It will almost certainly be economically worse for the Greeks in the near-term than accepting the Troika's conditions for more loans, but it could be rational if the Greeks value independence very highly compared to maintaining their current standard of living. If you're going to do something with such dire consequences, though, a referendum seems like the way to go.