When bankers are invited to a bankers’ meeting where the borrower will present that he has run into financial problems and that solutions have to be worked out, the foremost question from the bankers to managements is:
What is your plan?
What is the plan for Greece to solve its economic problems? What is the plan for the Eurozone to solve its economic imbalances (which are at the root of the problem)?
Once there is a plan which the bankers consider as apt to solve the company’s financial problems, they will evaluate financing alternatives which support the plan meaningfully. They will never start with financing alternatives before they know what the plan is.
The Eurozone still thinks that it is better to do things the other way around. That reminds me of the song of a Viennese cabaret artist which begings with the phrase:
“We don’t know where we are going but the faster we drive, the sooner we will get there!”