Euro Area

[Beskar]

Being honest, the real method to solving this would be for the ECB to simply buy the debt of Greece. I am sure lots of investors would be willing to sell their debt on for a low price just to make some return. Then the ECB simply kills off all interest payments so the only money Greece pays to the ECB for the debt simply reduces the total debt amount. (Debt only increases/decreases via Euro inflation)

As for austerity measures, simply start getting a Euro-wide average, lets say, Greece has to have the same retirement age as the Germans. Therefore, Greece is only being asked simply to align itself to the other powers within the Eurozone.

This would make repayments completely affordable for Greece and the "Euro is saved".

Now start doing this for the other countries such as Spain, Ireland, Italy with the ECB slowly buying, consolidating and cancelling the inter-eurozone debt. This is what I would have done economy wise near the start of the crisis.

As I said donkeys ago, lets say Furunculus owes me £100 and I owe him £90, we simply cancel the debt out so ultimately Furunculus just owes me £10 which is a significant reduction for his expenses.