Project syndicate

  On this topic, there is no shortage of expert plans - among them bond buy-backs, bond swaps, and the creation of Eurobonds, a European version of the "Brady" bonds issued by Latin American countries that defaulted in the 1980's.  What all such schemes amount to is piling one lot of bonds on top of another in an attempt to square the circle of Greece's inability to pay, and to minimise the losses faced by its creditors - mostly European banks.

Every week, a preposterous coterie of European bankers and finance ministers drags itself from one capital to another to discuss which default/restructuring plan to adopt.  Meanwhile, Greece's agony continues, and the "markets" wait to swoop down on Portugal, Ireland, Italy, and Spain.