This is well outside of my area of expertise, but… Greece has a debt of approximately 330 billion Euro. What if the rest of the EU did the following: (a) agree to assume Greece’s debt in exchange for Greece’s agreement to pay, say, 80% back to the EU; (b) kick Greece out of the Eurozone? Potential banking crisis resolved, and future banking crises prevented, for 66 billion Euro, a small fraction of EU GDP. Time is bought to figure out how to resolve the inherent contradictions of having a monetary union but not a fiscal union. The big downside I can perceive is that Italy and Spain may then want the same deal.