Whatever the Greeks get the other PIIGS will want too. So if you let them of half their debt then it will wipe trillions off the balance sheets of the banks who hold their bonds (ie dead banks everywhere).
And the PIGGS still wont be able to support themselves and will continue to sapsuck off the other euro nations.
IMO the only solution to this problem is to consider the euro project a complete failure and pull it apart the same way it was put together.
Namely, everyone get their currency converted back into their former currency at agreed conversion rates. These currencies get pegged for a fixed period. Then the euro becomes void and the currencies are floated.
The banks holding the debt can then negotiate on restructuring with each country individually. Countries who default get sanctioned, same as anywhere.
This is the only way to make each country competitive and responsible for itself again.
