The slow collapse of Greece's economy continues: despite a promised bailout, creditors are reluctant to trust Greece. As Mark Steyn puts it, Greece has decided that many citizens will begin work at age 25 and retire at age 50. This works until you've consumed all your capital resources, and then the bill comes due.
I've seen two broad approaches to this crisis. Evans=Pritchard believes that the European Monetary Union &mash; which, to paraphrase him, this crisis demonstrates is not really a union but merely a currency price-fixing scheme — should step in to rescue Greece and others to prevent contigation. The Wall Street Journal, as always, believes strongly in bankruptcy to avoid moral hazard.
I'll go for the disaggregated solution: let Greece go bankrupt. Not only will this prevent problems for other currencies, but it's probably the only way to reform Greece's finances. At this point Greece can opt for capitalism or even more extreme socialism — and if the people do opt for deeper socialism, their situation is hopeless regardless and there's no point in spending any money on them.