This is an excellent, lead-article from the Economist. Check it out!
I particularly liked the following suggestion from the Economist.
These terms could be made more generous still. And the creditors should be prepared to adopt a version of the IMF’s old highly indebted poor countries (HIPC) initiative for Africa: a promise to write down debt in stages at indeterminate future dates, but only in return for defined progress on reforms.
Concessions are probably appropriate from both sides. But the creditors are right – unless Greece reforms her economy, the decline will continue for Greece.
I think that the HIPC approach is appropriate to Greece – the leading emphasis should be on reform, followed by progressive debt write.