My two cents:
1. Greece should default on all its sovereign debt. No-one will want to lend the country any more money for about a decade but now Greece also has zero debt. These are both actually very good things.
2. Re-introduce the Drachma.
3. Calculate government expenditure for ten years, which includes pensions, government salaries, public works expenditure etc. Announce the printing of the needed funds for the first year at 100% of funds. Reduce the printing every year by 10% so that by year 10 Greece will be printing 0% additional currency for running the government side of the economy. This is done so that the currency deflates with calculated clockwork regularity over the next decade.
4. Announce that Greece will embark on a government policy of fiscal prudence in the 21st century. This means: "Spending less than you earn". Apologize to all debtors for defaulting and explain that Greece cannot accept any more bad debt and that if continued Greece would remain impoverished and effectively descend into a form of European slavery.
5. Ask the European union to keep good trade relations. If the European union are unwilling establish preferred trade relations with all the Mediterranean nations the were formerly part of the ancient historic Carthage. Also do the same with the BRICS nations. Drop all import and export tariffs for these countries.
6. ?
7. Profit
Footnotes:
Addressing president Obama's concerns: NATO existed before the Euro was implemented and can exist without it also. What is better? Defaulting on bad debt or accepting more debt to not pay it back anyway? Addressing European political concerns: Kicking the can down the road is just a convenience for short term political thinking.
..
But whats actually seems to be most probable: Greece will accept more debt, remain impoverished and will therefore certainly never recover. It can't pay the debt back, can't grow economically with this black cloud over it and will systemically drag down Europe with it over the next couple of decades. As long as current politicians don't have to deal with the actual fallout of the bad debt and risk their re-election campaigns this will continue indefinitely.
But this is nothing compared to the USA: 17 Trillion and counting... Where will it stop? Probably about 30 to 40 trillion over the next decade or so.
At some point in the future the markets have to recognize the inevitable: What the hell were we all thinking?
We did this. We should man up. Should our children pay for OUR fiscal imprudence? We're all credit crazy assholes and its ALL OUR fault.