The papers are full of talk about what it all means, no-one seeing a solution that avoids an eventual default, short of trains carrying money from Berlin to Athens.
I feel the confusion is because people can't picture a finite amount of money, as they could with time, say. But the money must be bought by peoples' work, somewhere, so if we consider the extra work that Greeks would need to do to make such sums, we would quickly understand whether such extra hours could be found. Unless the retirement age can rise and rise without end, there is a limit to the hours! This approach would bring clarity.
