Definitely a strict crackdown on Greek treasury, and a fundamental Eurozone wide reform are required ASAP!!
No more liquidity (buying the bonds by printing excess amount money) 'cos it causes a further interest rate hike up* which discourages the private sectors! Greek economy unfortunately won't be allowed to leave the Europzone 'cos my regression analysis showed Greece economy is highly co integrated with the entire Eurozone economy!
(* Usually when the excess money supply goes into the market, the interest rate often falls if the economy has been in recession which is caused by lack of the aggregate demand which induces the excess supply. The US and Japanese case of the excess money supply caused the lower interest rate. However, European economic problem is not caused by the demand&supply fact; it is based on the "structural" problem. Therefore, it is more likely to cause the hyper-inflation, i.e. need of high interest rate for borrowing, instead of the liquidity-trap, the deflation.)
Greek economy is actually highly reliant on the Eurozone economy... Greek system should be more intervened by the European central government! The silly idea of the Eurozone is that it still allows each member to incur the national debt under the common monetary policy...! This is the same silliness as though allowing each state in the USA to hold its own public debt without complete separation of the states and the federation!
When I read the Wall Street Journal on 10th of May, this American news paper claimed that European economy will be drawn into the insoluble fiscal chaos due to her extremely tolerant attitude toward the irrational European populism... This fiscal chaos won't be overcome unless a strong (even oppressive) enforcement on fixing this fiscal imbalance and the irrational populist influence on the fiscal structure...
... I must say that the Europe suffers from the tyranny of majority as same as Japan! Therefore, any rational movement hardly takes place...
But, unlike Japan, the integrated European economy has a full of potential! An affluent human capital development, variety of factors of productions from different European countries, and the strong capitalist ethics which has been developed over centuries!
"Europe needs an iron-lady" as same as Britain had. But, the problem is that this scale of the economic failure is bigger than what Britain suffered from in the past. Therefore, the figure which is larger than British iron-lady...! But, the tyranny of majority won't accept such the "to be cruel to be kind" method as this majority is already spoiled by the illusion of their Utopian dream.
This is the same as Japanese tyranny of majority expelled Mr. Kakuei Tanaka, the admirable Japan's former prime minister, who thought of people better than what people thought. Mr. Tanaka was the person who could make Japan truly sovereign and enlighten Japanese people to be evolved from poppets to independent minded citizens! The similar event is now taking place in the Europe... If the tyranny of majority is strong enough to oppress the talent, it fails into the problem seen in both Japan and Europe!!
... "In order to defeat a monster, it needs the monster stronger than this monster...!". Hence, the tyranny may be only able to be defeated by another tyranny which is stronger than the current tyranny...............