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Countries do not go bankrupt. They default and the debt stays until it is written off. The problem is that the countries were allowed to join the Europe without real convergence to the Maastrict criteria. Greece should never have been allowed to enter and the Eurostat officials, heavily paid by EU tax payers, did not do their job when they were responsible to monitor the compliance.
Why is anyone surprised that Greeks did not pay their taxes. Anyone doing business in Greece knew it so how come the EU officials did not? The structural reforms agreed back in 2010 and 2012 were not implemented so the politicians in Greece before Syriza failed the Greek people. The IMF has been the biggest at fault as they consistently failed to understand that debt sustainability was not possible in a country were not a single measure was growth supportive. Their estimates of sustainable debt was a debt to GDP of 100-120%. The Europeans invested too much faith in the IMF officials who sit in their ivory tower thinking.  The EU has to get rid of the IMF and bring in people centric management of the Eurozone or it will fail. The promises of financial engineering by JCJ are a joke and will be yet another white elephant. The two countries doing well are those which borrow at historically low interest rates such as UK and USA. Why not the EU to borrow more and spend on growth inducing investment. Why wait for handouts from the EU?...The EU is a political project that all the political elites of Europe are committed to. The entire foundation being 'ever closer union' power and authority is centralised into the hands of the EU bureaucrats, once gone that power never goes back, ever.  If the Greeks left the Euro this would shatter the politically important myth that surrendering power to the EU was a one way street. The Greeks simply can not be allowed to leave.

Never mind the colossal danger that after exit and the initial hooha that things settle down and then improve for the Greeks, what kind of message would that send to the other PIGS?
The EU elites will pay the bill using their taxpayers money, they will just need to find clever ways of disguising what they are doing. Their EU dreams are at stake, their power, salary and massive pensions, the Greeks debt will be paid for them.