Let Greece and other countries default
Greece and other countries in dire straits in Euroland are not supposed to default. It is seen as a bad thing. But maybe a default would still be the best solution.
Countries in Euroland could be treated as separate risk areas. One country or the whole zone for that matter should not bail out a country. I'm thinking that it would be better to let the creditor banks take the hit.
The creditors will then know to never lend money to that country again (unless under very favourable terms for the creditors).
In this way the problem should fix itself. If one is worried about "to-big-to-fail" creditor banks not being able to take the hit of a Greek default, then treat the problem at the bank level and leave Greece and other countries out of the picture.
Greece then has no debts, and no credit. Or at least more expensive credit and is able to fix itself, given the new conditions it has to function under. It is not possible to blame any other country, cabal, entity or group and the Euro zone has then settled on a model of handling overborrowing that lets the markets set the terms, and does not require more political scaffolding and supervision.
The alternatives to default, all involve moving money around or diluting the money supply. None of that actually increases the value of products or services. All talk about stimulance, rescue packages and the like is just a game of semantics.
One could argue it is a game of smoke and mirrors deciding who actually loses money in the end, see Greece Vs Germany and the disappearing money . A default is clearer.
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