[tormeh]

It's enough that old loans are repaid faster than new ones are taken up. Given that the surplus would otherwise have to be enormous, this is standard procedure for most indebted countries.

The Greek state is such a mess that bankruptcy would be a good thing, in some ways. Greece needs to keep their budget balanced, and it's unclear whether the government is able to implement the necessary changes even if they wanted to and shame or embarrassment has shown itself a poor motivator for the shadow state. In fact, in my opinion default should have happened sooner, while there was still some private debt to default on. Now it's a bit too late, as 80% of Greek debt is held by governments/IMF/ECB.