Maybe... the Greeks just want to leave the single currency, default, devalue and start to, or at least attempt to, build themselves a functioning economy moving forward.
I know it's pretty out there to imagine such a radical possibility but I fail to understand why everyone presumes the Greeks want to:
a) Repay their debt at all
b) Be in the Euro anymore as it will involve a)
c) Be beholdent to any other country, either now or, seemingly, forevermore.
Even a complete idiot can see it would be much easier to exit and start again with a new currency, rather than attempt to carry on lumbered with such a mountain of debt. I know we don't give the Greek government much credit, but I am surprised by the amount of people who presume Greece want some sort of resolution that involves staying in the single currency.
A haircut is not an option, so faced with the stark realities of the situation, what would you do?
Give them a little credit.