There are some interesting similarities with this situation, and the squeeze reparations put on Germany in the late 1920's. Greece cannot meet their obligations, and the harder they try, the more their economy shrinks, and the harder it is to meet their obligations.

Regling also explicitly opposed the current plans of the Greek government to reduce some taxes and increase the minimum wage and pensions, saying that this amounts to “moving backward” and is putting negotiations in danger.

Growth is the only way out, but creditors don't have the patience for it.

I wonder if non-Greekbank failures will follow the Grexit.