It's pretty clear that the current plans will not work. I don't believe that leaving the euro and devaluing the drachma will work either, as the banks would go bankrupt immediately with no chance of anyone lending to them. The government would have to pump €60 billion into the system. Where will it get that cash on today's markets? I can only hope that stronger and more credible voices in Greece can dismantle large parts of the debt, lots of which is pure profit for German and French banks. Rich Greeks have to start investing in their own country, maybe through massive fiscal incentives, as one of the problems is that the Greeks don't have all that much to sell. As one Greek economist put it, "We import Mercedes cars and export tomatoes".

Incidentally, Americans using the Greek situation as a political football is pointless. There's little point wagging fingers at people when the number of hospital beds are being slashed, medical services cut back and pensions cut by 50%. There are cases of malnutrition in primary schools and the numbers of homeless people and suicides have jumped dramatically.

Will the last Greek citizen out the door, please turn out the lights?