When loans are doled out by pimps and thieves with extortionate interest rates and demands with menaces attached... IT IS RIGHT TO DEFAULT. Repayment would only encourage the psychopaths in the financial world to more criminal activity. The Greeks MUST adopt a zero tolerance attitude towards the banksters and financial crime cartels.
A busted system attracts "busted people", in other words, leeches and predators who have privileged access, and take advantage of such a busted system to screw others and enrich themselves.
We have to remember that, most of the big money is "made" by moving money around. Each maneuver accrues interest, thus devaluing currencies and causing inflation. *Interest* is problem, combined with the presence of a disproportionate number of psychopaths in the banking sector.
I don't like Sharia Law as a system (neither does anyone I know), but with interest-free finance, the Muslims have one over we in the West. Sharia Law as regards Islamic banking is working relatively well, and they have not been susceptible to the insane Ponzi type schemes and derivative scams which have caused so much trouble with *our* banks.
Thomas Edison said that "interest is the invention of Satan". The revered inventor who contributed so much to humanity and modern life undoubtedly had to deal with banker parasites who are very adept at making money while contributing nothing to the world.