[chki]

I think the ECB is actually not allowed to do that, because Europe (better: The countries of the Euro Zone) is not a debt union. If the Countries were paying for each other regardless of structural reforms, Europe would need to be constructed in a different way (with an actual central government).

To address your other point: I think the horrible situation that will arise in Greece in the following weeks/months will make other countries certainly think twice about getting out of the Euro.

[TheOtherHobbes]

No, if Greece exits then Italy, Spain, and France will be the next to get the treatment. A Grexit will mean the end of the beginning of the end for the EU and a move towards nationalism and/or fascism across the rest of Europe.

Most countries have growing anti-EU nationalist movements, and ass-raping Greece isn't going to make them less popular.

But the IMF have no interest in a strong Europe, because before 2008 European policy was heading in an aggressively anti-corporate direction.

A bleeding and uncertain Europe with a population terrified of poverty and old age is much more to their liking.

Remember total QE lending to banks is the far side of $2.5tn, and most of it is secured against assets that are clearly worthless.

The IMF itself is happy to agitate against austerity when it suits its political aims, and to hand out money that's unlikely to be repaid: see also, Ukraine.

So this is a purely political pantomime. Greek solvency is simply a pretext for political power plays - another attempt to enforce the usual neo-liberal "reform" agenda which aims to destroy the last century's traditions of socially responsible government spending.