To actually exit the vicious downward spiral, they need significant debt forgiveness (yes more), as Germany received after WWII, as well as stuctural reform of

To actually exit the vicious downward spiral, they need significant debt forgiveness (yes more), as Germany received after WWII, as well as stuctural reform of course, but one without the other will disappoint both creditors and the Greek people. The funniest thing about this whole manufactured crisis is that the ECB is printing 1 trillion euros via QE at the moment to buy gov bonds and nationalised industry bonds, which completely dwarfs the sums for Greece and is essentially doing the same thing - buying government debt and making all EZ citizens slightly poorer in order to allow counter-cyclical investment. http://www.bloombergview.com/quicktake/europes-qe-quandary http://www.bloombergview.com/quicktake/europes-qe-quandary