First you give Greeks trains and cars that they can't pay for so you lend them the buy money. Then you give Greeks your money so they can pay their debts to you. Ain't gonna happen.
The workable solution requires adding additional new money into the game; money that is sourced from outside of the commercial banking system's credit-debt balance sheet.
Before 2008 these simple balance sheet accounting identities were buried under heavy veils of deep delusions: "Economic production causes money . Everybody should produce more and be a net exporter like Germany, and produce their way out of debt". But producing goods earns the net exporter no money, unless some other financial unit (net importer) is going deeper in debt to get new bank-issued credits to buy the goods.
A good old fashioned monetary system collapse pulls the veils down with it, and people catch a never before seen glimpse of bankers issuing (uncollectable) credits and charging (unpayable) debts.
Central banks can/should/do operate as publicly owned monetary institutions that can "add money" into the credit-debt gaps and resolve the collapsed financial bridge. But instead of QE-for-banks that gives money directly to creditors to make the banks whole while leaving the governments and their economies dangling; the QE money should be given to the indebted governments and/or households so the debtors can use the money to pay their otherwise unpayable debts. Or -- to overcome legitimate objections of unfairness -- the QE money should be given "to everybody" in equal amounts, so that the debtors who are the actual target of the program are included in "everybody".
Giving new money to creditors makes them richer. No problem there.
Giving money to debtors makes the creditors whole by making the debtors whole. Greece gets out of (unpayable) bond debt. Germany cashes in its (uncollectable) credits for money.
Germans, whose wages have been repressed to maintain cost competitiveness, could be given a national bonus. They could go on a spending spree, holidaying in Greece, putting all those unemployed Greeks to work selling stuff to cashed-up German consumers. Some Greeks might earn enough euros to actually "afford" to buy Porsche Cayennes paid for with earned incomes, not with debt.
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