Greece should threaten default They should go to the banks and tell them: Situation changed. I'm giving you x cent on the dollar. The banks would have to agree. More over, provided it was a sound plan they'd get more loans easily because the banks are a greedy bunch and could see they were on the path to stability. This is what the Fed does with devaluing the dollar but Greece can't do that. Granted, I haven't spent even 5 minutes studying the issue but the ball is in Greece's court. They should get the best deal because the banks have the most to lose. I'd tell the Greeks, just tell the banks what you want to pay and they'll have to agree to it.