[danmaz74]

The whole problem with Greece is that the state CAN'T borrow on the market at reasonable rates. That's why they asked (and received) over €200BN in credits from the other EU countries, plus I don't remember how much from the IMF.

[msellout]

If they cannot borrow Euros, they will have two options: default on promises to Greeks (pensions, etc.) or leave the Eurozone and return to their own currency which they can "borrow" from hypothetical wealthier future taxpayers.

[ZeroGravitas]

Implementing dubious political experiments being forced on them as a condition of loans could also be described as a "default on promises to Greeks".

[antman]

The problem is that it the Troika plan half-defaulted Greece in 2010. That half-way policy made Greece lose credibility with private institutions without substantially decreasing its debt.