The sooner Greece is allowed to default and let the rest of Europe bleed out the better off we will be in the long run. Putting a band-aid on a festering wound is a sure way to amputation.

The rest of europe can be fixed, Spain has more a banking problem than a debt problem and can be fixed with some recapitalisation but you can't change a welfare mindset like the greeks have. Europe may also lose the Irish but they're used to eating potatoes. the rest of the countries get it and Europe can manage itself under that scenario very easily. they just need a good nudge and debt holders will be forced to take losses.

get ready for the next roller coaster. Who holds Greek debt and who holds CDSs against that debt?